FDIC And FRB Extend Resolution Plan Deadline For 14 Firms

The FDIC and the Federal Reserve Board ("FRB") extended the deadline for 14 domestic firms to submit their next resolution plans. The new deadline is December 31, 2019. The purpose of the extension is to allow more time for the agencies to provide feedback to the firms, and for the firms to prepare their next plan submissions.

In accordance with the Economic Growth, Regulatory Reform and Consumer Protection Act, firms with less than $100 billion in total consolidated assets no longer have to abide by resolution plan requirements. Additionally, the FRB will make a determination in the next year and a half as to which firms with total consolidated assets between $100 billion and $250 billion must continue to follow the resolution plan requirement.