Joint Release/Regulators Extend the Next Resolution Plan Filing Deadline for 14 Domestic Firms — 2018-07-02

Regulators Extend the Next Resolution Plan Filing Deadline for 14 Domestic Firms The Federal Reserve Board and the Federal Deposit Insurance Corporation on Monday announced that they have extended the next resolution plan filing deadline for 14 domestic firms by one year to December 31, 2019, to allow additional time for the agencies to provide feedback to the firms on their last submissions and for the firms to produce their next plan submissions. Resolution plans, required by the Dodd-Frank Act and commonly known as living wills, describe an institution's strategy for rapid and orderly resolution under bankruptcy in the event of material financial distress or failure.