More time has been given to provide feedback for the U.S. global systemically important banks’ 2021 resolution plans to allow two federal banking agencies additional time to analyze the plans, according to a notice issued Friday.
The Federal Reserve and the Federal Deposit Insurance Corp. (FDIC) made the notice about the resolution plans (also known as “living wills”) in a brief statement.
The agencies noted that resolution plans, required by the 2018 Dodd-Frank Act Wall Street Reform and Consumer Protection Act (Dodd-Frank), must describe the company’s strategy for rapid and orderly resolution in bankruptcy in the event of material financial distress or failure of the company.
Federal Reserve and FDIC extend deadline for U.S. GSIB resolution plan feedback