January 15, 2015
Agencies release public sections of resolution plans
Board of Governors of the Federal Reserve System
Federal Deposit Insurance Corporation
For release at 10:00 a.m. EST
The Federal Reserve Board and the Federal Deposit Insurance Corporation (FDIC) today made available the public portions of resolution plans for firms with generally less than $100 billion in qualifying nonbank assets, as required by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act).
The Dodd-Frank Act requires that certain banking organizations with total consolidated assets of $50 billion or more and nonbank financial companies designated for enhanced prudential supervision by the Financial Stability Oversight Council periodically submit resolution plans to the Federal Reserve Board and the FDIC. Each plan must describe the company's strategy for rapid and orderly resolution in the event of material financial distress or failure of the company, and include both a public and confidential section.
This generally is the second set of resolution plans submitted for this group. The public portions of the resolution plans, as well as previously filed resolution plans, are available on the Federal Reserve and FDIC websites.
In addition, the FDIC released the public sections of the recently filed resolution plans of 22 insured depository institutions. The majority of these insured depository institutions are subsidiaries of bank holding companies that concurrently submitted resolution plans. The insured depository institution plans are required by a separate regulation issued by the FDIC. The FDIC's regulation requires a covered insured depository institution with assets greater than $50 billion to submit a plan under which the FDIC, as receiver, might resolve the institution under the Federal Deposit Insurance Act.
The public portions of the 22 insured depository institutions are available on the FDIC website.
|Federal Reserve Board||Eric Kollig||202-452-2955|