Joint Release/Agencies Provide Feedback on Resolution Plans of Three Foreign Banking Organizations — 2015-03-23

Firms Required to Address Shortcomings in 2015 Submissions The Federal Reserve Board and the Federal Deposit Insurance Corporation (FDIC) on Monday announced that they had completed the reviews of resolution plans submitted in 2014 by three large, foreign banking organizations and had issued feedback letters to each institution. In their review of the resolution plans from BNP Paribas, HSBC Holdings plc, and The Royal Bank of Scotland Group plc, the agencies noted some improvements from the original plans. However, the agencies have jointly identified specific shortcomings with the 2014 resolution plans that will need to be addressed in the 2015 submissions. The letters to each institution detail the specific shortcomings of each firm's plan and the expectations of the agencies for the 2015 submission.