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ARTICLE · 21 JULY 2011

Dodd-Frank Rulemaking Update: Resolution Plans/Living Wills

Morrison Foerster
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The July 6, 2011 Federal Deposit Insurance Corporation Board of Directors (the "FDIC Board") meeting marked the changing of the guard from Chairman Sheila Bair to FDIC Vice Chairman Martin Gruenberg.

United StatesConsumer Protection
Dwight Smith III
Dwight Smith III
Alexandra Steinberg Barrage
Alexandra Steinberg Barrage
Jeremy Mandell
Jeremy Mandell
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Summary of Final Rule on Orderly Liquidation Authority, and Future Impacts on Financial Companies, Creditors, Potential Investors, and Senior Executives

The July 6, 2011 Federal Deposit Insurance Corporation Board of Directors (the "FDIC Board") meeting marked the changing of the guard from Chairman Sheila Bair to FDIC Vice Chairman Martin Gruenberg. Chairman Bair's valedictory meeting was not merely ceremonial; it also covered several key developments regarding the timing of a final rule on resolution plans under section 165(d) of Title I and a final rule on the Orderly Liquidation Authority ("OLA") under Title II.

A. RESOLUTION PLANS/ LIVING WILLS

Although we had hoped to see a final rule on section 165(d) addressing resolution plans or "living wills,"1 none was forthcoming, to Chairman Bair's evident disappointment. She advised the FDIC Board that FDIC staff continues to work closely with the Federal Reserve Board staff on resolution plan issues and said she

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