Agencies Release Public Sections of Resolution Plans — 2014-07-02

The Federal Reserve Board and the Federal Deposit Insurance Corporation (FDIC) on Wednesday released the public portions of annual resolution plans for 17 financial firms. 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. The Dodd-Frank Wall Street Reform and Consumer Protection Act requires that bank holding companies with total consolidated assets of $50 billion or more and nonbank financial companies designated by the Financial Stability Oversight Council (FSOC) as systemically important periodically submit resolution plans to the FDIC and the Federal Reserve. Thirteen of the firms whose plans were released Wednesday previously have submitted at least one resolution plan.