The Federal Reserve Board and the Federal Deposit Insurance Corporation (FDIC) have extended the next resolution plan filing deadline for 14 domestic firms by one year to Dec. 31, 2019.
The action allows additional time for the agencies to provide feedback to the firms on their last submissions and produce their next plan submissions.
Resolution plans, required by the Dodd-Frank Act and commonly known as living wills, officials said, describe an institution’s strategy for rapid and orderly resolution under bankruptcy in the event of material financial distress or failure.
The Economic Growth, Regulatory Reform, and Consumer Protection Act requires firms with less than $100 billion in total consolidated no longer be subject to resolution plan requirements.
In the next 18 months, the Board will determine which firms with more than $100 billion but less than $250 billion in total consolidated assets will be subject to the resolution plan requirement moving forward.
The domestic firms impacted by the extension include Ally Financial Inc., American Express Company, BB&T Corporation, Capital One Financial Corporation, Citizens Financial Group, Fifth Third Bancorp, Huntington Bancshares Incorporated, KeyCorp, M&T Bank Corporation, Northern Trust Corporation, Regions Financial Corporation, SunTrust Banks, Inc., The PNC Financial Services Group, Inc., and U.S. Bancorp.