Joint Release/Agencies Communicate Updated Expectations for Next Resolution Plans of Two Domestic Banks — 2018-03-01

Agencies Communicate Updated Expectations for Next Resolution Plans of Two Domestic Banks The Federal Deposit Insurance Corporation and the Federal Reserve Board on Thursday communicated updated expectations for the next resolution plans of two domestic banks, CIT and Citizens Financial Group. The expectations are similar to those communicated to 16 domestic firms in March 2017. Resolution plans, required by the Dodd-Frank Act and commonly known as living wills, must describe the company's strategy for rapid and orderly resolution under bankruptcy in the event of material financial distress or failure of the company. The two firms' next resolution plans are due on December 31, 2018. The agencies are tailoring their expectations for the firms by limiting the amount of information the firms are expected to submit in their next plans.