Joint Release/Agencies Extend Resolution Plan Filing Deadline for Certain Foreign and Domestic Banks — 2017-08-08

Agencies Extend Resolution Plan Filing Deadline for Certain Foreign and Domestic Banks The Federal Reserve Board and the Federal Deposit Insurance Corporation (FDIC) today extended the resolution plan filing deadline for 19 foreign banking organizations and two large domestic bank holding companies to December 31, 2018, to give the firms an additional year to address any supervisory guidance in their next plan submissions. 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. For foreign banking organizations, resolution plans are focused on their U.S. operations.