The FDIC on Tuesday released the public sections of the initial resolution plans -- also known as living wills -- that the largest banking organizations operating in the United States submitted to the FDIC and the Federal Reserve by Monday’s deadline.
Firms in the first group to submit plans, which included companies with $250 billion or more in total nonbank assets, were Bank of America, Barclays, Citibank, Credit Suisse, Deutsche Bank, Goldman Sachs, JPMorgan Chase, Morgan Stanley and UBS.
The Dodd-Frank Act requires that bank holding companies with total consolidated assets of $50 billion or more, and nonbank financial firms designated by the Financial Stability Oversight Council for Fed supervision to submit resolution plans annually. Each plan must describe the firm’s strategy for rapid and orderly resolution under the Bankruptcy Code in the event of financial distress or failure.
Companies subject to the rule are filing their initial resolution plans in three groups on a staggered schedule, according to size.
Read the public summaries.