Joint Release/Agencies Provide Largest Firms with Information for Next Resolution Plans — 2020-07-01

Board of Governors of the Federal Reserve System Joint Release Federal Deposit Insurance Corporation Agencies Provide Largest Firms with Information for Next Resolution Plans The Federal Deposit Insurance Corporation and the Federal Reserve Board today provided information to the eight largest and most complex domestic banking organizations that will guide their next resolution plans, which are due by July 1, 2021. Resolution plans, commonly known as living wills, must describe the firm’s strategy for rapid and orderly resolution in bankruptcy in the event of material financial distress or failure of the firm. The 2021 plans will be required to include core elements of a firm’s resolution plan -- such as capital, liquidity, and recapitalization strategies -- as well as how each firm has integrated changes to and lessons learned from its response to the coronavirus into its resolution planning process.