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.
Browsing: Living wills
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.”
The Treasury Department tonight issued a 150-page report making dozens of recommendations for how Congress and regulatory agencies can streamline bank regulation in a way that promotes economic growth.
The FDIC and Federal Reserve announced today that they had reviewed resolution plans submitted in December 2015 by 16 regional and credit card banks and that none were found “not credible” or inadequate to facilitate an orderly resolution under the Bankruptcy Code.
The Federal Reserve and FDIC today announced that they are delaying the deadline to file resolution plans, or “living wills,” from Dec. 31, 2016, to Dec. 31, 2017, for 36 large banking organizations and two systemically important nonbanks.
In the latest round of public feedback on the “living wills” or resolution plans that the largest banks file to demonstrate they can be wound down in an orderly way, the Federal Reserve and FDIC today deemed the plans filed by Bank of America, the Bank of New York Mellon, J.P. Morgan Chase, State Street and Wells Fargo “not credible” or inadequate to facilitate an orderly resolution under the Bankruptcy Code.