As banks continue to address the immediate challenges of the COVID-19 pandemic, the Federal Reserve and the FDIC today announced that they would extend two upcoming deadlines for certain banks required to file resolution plans for orderly resolution in the event of material financial distress or failure.
The agencies will grant a 90-day extension for four institutions—Barclays, Credit Suisse, Deutsche Bank and UBS—to submit plans addressing shortcomings previously identified by the agencies. The new deadline for those submissions is Sept. 29, 2020. The agencies also postponed until Sept. 29, 2021, the submission date for plans submitted by Category II and Category III firms under the agencies’ large bank regulatory framework.
The eight global systemically important firms will still be required to submit their resolution plans as scheduled by July 1, 2021, though the agencies said that they “will monitor conditions and may adjust this deadline if warranted.”