Joint Release/Agencies Complete Resolution Plan Evaluation of 16 Domestic Firms; Provide Resolution Plan Guidance to Four Foreign Banking Organizations — 2017-03-24

Agencies Complete Resolution Plan Evaluation of 16 Domestic Firms; Provide Resolution Plan Guidance to Four Foreign Banking Organizations The Federal Deposit Insurance Corporation and the Federal Reserve Board on Friday jointly announced that they had completed their evaluation of the 2015 resolution plans of 16 domestic banks and separately issued guidance to four foreign banks. 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.