Resolution plans – also known as “living wills” — for five domestic and 10 foreign large banking organizations were released by federal banking regulators Thursday, which were submitted by the firms as required on Oct. 1.
The Federal Reserve and the Federal Deposit Insurance Corp. (FDIC) also released a public summary of Capital One Financial Corp.’s interim update to its resolution plan, filed following the firm’s recent purchase of Discover credit card operation.
The 15 living wills released publicly include those for: American Express, Bank of Montreal, Barclays, BNP Paribas, Deutsche Bank, Mitsubishi UFJ Financial Group (MUFG), Inc ., Mizuho Financial Group, Inc., Northern Trust Corp., PNC Financial SVC, Toronto Dominion, Truist, UBS, Royals Bank of Canada, Sumitomo Mitsui Financial Group and US Bancorp.
The plans are designed to describe a firm’s strategy for orderly resolution under bankruptcy in the event of material financial distress or failure. The agencies said the firms’ confidential plans include a public section that provides a summary of elements of the resolution plan.
The agencies said Capital One will file a full resolution plan with a public section by July 1.
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