As they implement S. 2155, the Federal Reserve and the FDIC today said that they are beginning the process of determining which financial firms with assets of less than $250 billion will be subject to the requirement to submit resolution plans, also known as living wills.

The Federal Reserve and the FDIC today requested comments on proposed guidance for the eight global systemically important banks participating in the agencies' program for resolution plan, commonly called "living wills."

In remarks at a Harvard Law School event today, Federal Reserve Vice Chairman for Supervision Randal Quarles signaled that the Fed and the FDIC will revisit the capital and liquidity requirements in place for the largest U.S. and foreign firms and will seek public input on current “living will” guidance.

Testifying before the House Financial Services Committee this morning, Federal Reserve Vice Chairman for Supervision Randal Quarles outlined several ways in which the Fed has already or is in the process of tailoring the post-crisis regulatory framework to promote efficiency, transparency and simplicity.

In a letter to FDIC Chairman Martin Gruenberg and Federal Reserve Vice Chairman for Supervision Randal Quarles today, ABA encouraged regulators to extend the filing date for upcoming resolution plan -- or “living will” -- submissions and to consider moving to a biennial schedule generally for banks that are required to submit resolution plans under the Dodd-Frank Act.

The House today voted unanimously to pass the American Bankers Association-supported H.R. 4292, which would extend the submission cycle for large bank resolution plans -- also known as “living wills” -- to once every two years and require timely regulator feedback.

Speaking at a legal conference in Washington today, Federal Reserve Vice Chairman for Supervision Randal Quarles provided a status update on five key areas where the Fed is making regulatory changes and outlined three future areas of focus.

The Federal Reserve and FDIC today determined that the nation’s eight largest banks did not have “deficiencies” in their July 2017 resolution plans, which detail how they would be resolved in the event of failure.

During a markup yesterday and today, the House Financial Services Committee approved several regulatory relief bills advocated by ABA as part of its Blueprint for Growth.

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.”