Shearman & Sterling LLP | Financial Regulatory Developments Focus | <span ><font >US Federal Reserve Board and FDIC Extend Resolution Plan Submission Deadlines for Certain Institutions</font ></span >
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  • US Federal Reserve Board and FDIC Extend Resolution Plan Submission Deadlines for Certain Institutions
    08/30/2018

    The U.S. Board of Governors of the Federal Reserve System and U.S. Federal Deposit Insurance Corporation announced that the agencies have extended the submission deadline for the resolution plans (commonly referred to as “living wills”) for one designated non-bank and four foreign banking organizations. The announcement extends the submission deadline for the non-bank financial company from December 31, 2018 to December 31, 2019, and extends the submission deadline for the four foreign banking organizations from July 1, 2019 to July 1, 2020. The agencies noted that the extended deadline will allow for feedback to be provided to the institutions with respect to their prior resolution plan submissions, and will also provide time for the institutions to prepare their next resolution plan submissions.  The FDIC also announced that it will be extending the resolution plan submission deadline for all insured depository institutions to no sooner than July 1, 2020.

    View full text of the FDIC and Federal Reserve press release.