The FDIC and the Board of Governors of the Federal Reserve System (collectively, the "Agencies") determined that a number of systemically important domestic banking institutions have remedied the deficiencies in their 2015 resolution plans.
In April 2016, the Agencies determined that the 2015 resolution plans of certain banking institutions were not credible or effective, as required by the Bankruptcy Code. The Agencies issued joint notices that detailed the plans' deficiencies and the actions to be taken in order to correct them. Each firm was required to remedy its deficiencies by October 1, 2016.
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