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ARTICLE · 22 AUGUST 2014

Federal Agencies Release Joint Statement On Second Round Resolution Plans Of "First-Wave Filers"

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On August 5, 2014, the Board of Governors of the Federal Reserve System ("Federal Reserve Board") and the Federal Deposit Insurance Corporation ("FDIC") provided feedback on the second round of resolution plans submitted by 11 large, global banking organizations.

United StatesFinance and Banking
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On August 5, 2014, the Board of Governors of the Federal Reserve System ("Federal Reserve Board") and the Federal Deposit Insurance Corporation ("FDIC") provided feedback on the second round of resolution plans submitted by 11 large, global banking organizations. The Dodd-Frank Wall Street Reform and Consumer Protection Act ("Dodd-Frank Act") requires that banking organizations with total consolidated assets of $50 billion or more and non-bank financial companies designated by the Financial Stability Oversight Council for supervision by the Federal Reserve Board periodically submit resolution plans to the Federal Reserve Board and the FDIC. These plans, known as "living wills," must describe the company's strategy for rapid and orderly resolution in the event of material financial distress or failure of the company.

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