Joint Release/Agencies Post Public Sections of Resolution Plans — 2017-07-05

Announce Deadline Extension for Two Non-bank Financial Firms The Federal Reserve Board and the Federal Deposit Insurance Corporation (FDIC) on Wednesday posted the public portions of annual resolution plans for eight large financial firms. 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. Eight firms were required to submit plans on July 1: Bank of America Corporation, Bank of New York Mellon Corporation, Citigroup Inc., Goldman Sachs Group, JPMorgan Chase & Co., Morgan Stanley, State Street Corporation, and Wells Fargo & Company. By regulation, resolution plans must be divided into a public section and a confidential section.