Joint Release/Agencies Permit Reduced Content Resolution Plan Submissions for Firms with Limited U.S. Operations — 2016-06-10

Agencies Permit Reduced Content Resolution Plan Submissions for Firms with Limited U.S. Operations The Federal Reserve Board and the Federal Deposit Insurance Corporation (FDIC) on Friday permitted 84 firms with limited U.S. operations to file reduced content resolution plans for their next three resolution plans. The decision is intended to increase clarity and reduce burden by creating more certainty around future filing requirements. The Dodd-Frank Wall Street Reform and Consumer Protection Act requires that bank holding companies with total consolidated assets of $50 billion or more or foreign banks with $50 billion or more in global consolidated assets periodically submit resolution plans to the FDIC and the Federal Reserve. Each plan must describe the company's strategy for rapid and orderly resolution under the U.S. Bankruptcy Code or other applicable insolvency regime in the event of material financial distress or failure of the company.