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Financial Services Law Insights and Observations

Federal Reserve, FDIC extend resolution plan filing deadline for 14 domestic firms

Federal Issues Federal Reserve FDIC Dodd-Frank Living Wills S. 2155 EGRRCPA

Federal Issues

On July 2, the Federal Reserve Board and the FDIC announced that the deadline to file resolution plans, also known as living wills, for 14 domestic firms has been extended to December 31, 2019. This one-year extension provides more time for the agencies to provide feedback on the firms’ last round of resolution plan submissions, as well as for the firms to produce their next resolution plans as required by the Dodd-Frank Act. The agencies also issued a reminder that due to the recent passage of the Economic Growth, Regulatory Relief, and Consumer Protection Act, banks with less than $100 billion in total consolidated assets are no longer bound by resolution plan requirements.

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