Fed, FDIC Extend Deadline for Living Wills

The Federal Reserve and the FDIC today extended the deadline for eight of the largest U.S. banks to file their Dodd-Frank Act-mandated resolution plans, also known as “living wills.” The new deadline is July 1, 2019, providing time for banks to address any feedback from regulators about the resolution plans submitted earlier this summer.

The agencies said they are considering permanently extending the living will cycle to every two years instead of annually — a move long advocated by the American Bankers Association. The deadline for foreign banks with U.S. operations to submit their own resolution plans was delayed to Dec. 31, 2018.