The Federal Reserve Board and the Federal Deposit Insurance Corporation (FDIC) extended the resolution plan filing deadline by one year to December 31, 2018. The resolution plans are required under the Dodd-Frank Act.
The extension will give the firms time to address any supervisory guidance in their next plan submissions, the regulators said.
The agencies also announced that they would allow two smaller foreign firms, Canara Bank and Mercantil Servicios Financieros, C.A., to file reduced-content resolution plans. Reduced-content plans focus on material changes the firms have made to their prior resolution plans, alterations or actions to improve the effectiveness of their plans, and, where applicable, actions to ensure any subsidiary insured depository institution is adequately protected from the risks arising from the activities of nonbank subsidiaries of the firm.
For the 19 foreign banking organizations, the resolution plans should be focused only on their U.S. operations. The foreign banks are: Banco Bilbao Vizcaya Argentaria, S.A.; Banco Santander, S.A.; Bank of China Limited; Bank of Montreal; BNP Paribas; BPCE; Coöperatieve Rabobank U.A.; Crédit Agricole S.A.; HSBC Holdings plc; Industrial and Commercial Bank of China Ltd.; Mitsubishi UFJ Financial Group, Inc.; Mizuho Financial Group, Inc.; Royal Bank of Canada; Société Générale; Standard Chartered PLC; Sumitomo Mitsui Financial Group, Inc.; The Bank of Nova Scotia; The Norinchukin Bank; and The Toronto-Dominion Bank.
The two domestic banks are CIT Group, Inc. and Citizens Financial Group, Inc.