Release Date: June 24, 2014
For release at 11:00 a.m. EDT
The Federal Reserve on Tuesday announced that it has extended the deadline for capital plan resubmissions by Citigroup, Inc., HSBC North America Holdings, Inc., RBS Citizens, Inc., and Santander Holdings USA, Inc.
Originally, the firms were required to re-submit the capital plans by June 26, 2014. Now, following requests from the firms, they will not be required to submit capital plans until January 5, 2015, the due date for the next round of annual plans.
The Federal Reserve objected to the capital plans from these firms during the 2014 Comprehensive Capital Analysis and Review (CCAR). The extensions will give the firms additional time to address the capital planning weaknesses identified by the Federal Reserve. The firms will not be able to increase their capital distributions until a new capital plan is approved.
CCAR is an annual exercise conducted by the Federal Reserve to ensure that large financial institutions have robust, forward-looking capital planning processes that account for their unique risks, and to help ensure that they have sufficient capital to continue operations throughout times of economic and financial stress.
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