Joint Release/Agencies Extend Two Resolution Plan Deadlines — 2020-05-06

Board of Governors of the Federal Reserve System Joint Release Federal Deposit Insurance Corporation Agencies Extend Two Resolution Plan Deadlines In light of the challenges arising from the coronavirus response, the Federal Deposit Insurance Corporation and the Federal Reserve Board today announced two extensions to upcoming resolution plan deadlines. First, the agencies extended the submission date by 90 days, to September 29, 2020, for the resolution plans from Barclays, Credit Suisse, Deutsche Bank, and UBS. These plans are required to remediate certain weaknesses—deemed "shortcomings"— previously identified by the agencies. And second, the agencies extended the submission date by 90 days, to September 29, 2021, for the targeted resolution plans from the large foreign and domestic banks in Category II and Category III of the agencies' large bank regulatory framework. Targeted resolution plans for the eight global systemically important banking organizations will remain due by July 1, 2021.