Joint Release/Agencies Provide Additional Guidance for Certain Resolution Plans — 2014-08-15

Board of Governors of the Federal Reserve System Joint Release Federal Deposit Insurance Corporation Agencies Provide Additional Guidance for Certain Resolution Plans The Federal Reserve Board and the Federal Deposit Insurance Corporation on Friday provided additional guidance to firms that in December will be filing resolution plans for the second time. Each plan must describe the company's strategy for rapid and orderly resolution under the U.S. Bankruptcy Code in the event of material financial distress or failure of the company. One hundred and seventeen U.S. bank holding companies with less than $100 billion in total nonbank assets and foreign-based firms with less than $100 billion in U.S. nonbank assets were required to file their initial resolution plans with the agencies in December 2013.