This story appeared in Bank Digest
The Federal Deposit Insurance Corporation and Federal Reserve Board have extended the resolution plan filing deadline for 19 foreign banking organizations and two large domestic bank holding companies (CIT Group, Inc., and Citizens Financial Group, Inc.) to Dec. 31, 2018, to give the firms an additional year to address any supervisory guidance in their next plan submissions. The names of the foreign banks are listed in the agencies' joint press release.
Resolution plans, commonly known as living wills, are required by the Dodd-Frank Act and must describe each company's strategy for rapid and orderly resolution under bankruptcy in the event of material financial distress or failure of the company.
The agencies also said that going forward, they would allow two smaller foreign firms (Canara Bank and Mercantil Servicios Financieros, C.A.) to file reduced-content resolution plans, which focus on such things as material changes the firms have made to their prior resolution plans.