This story appeared in Bank Digest.
The Federal Reserve Board and Federal Deposit Insurance Corporation have extended the next resolution plan filing deadline for a designated nonbank to Dec. 31, 2019, and the deadline for four foreign banking organizations (FBOs) to July 1, 2020. The extensions will allow additional time for the agencies to provide feedback to the firms on their last submissions and for the firms to produce their next plans. Previously, the four FBOs--Barclays PLC, Credit Suisse Group AG, Deutsche Bank AG, and UBS AG--were required to submit their next plans by July 1, 2019. Prudential Financial Inc., the designated nonbank, was required to submit its plan on Dec. 31, 2018, pursuant to a previous extension (see 2017 No. 2288). In addition, the FDIC has extended the next filing due date for all insured depository institution resolution plan submissions to no sooner than July 1, 2020. These plans are required by FDIC regulation and are designed to enable the FDIC, as receiver, to resolve the institution under the Federal Deposit Insurance Act in a way that provides depositors timely access to insured deposits, maximizes net present value return, and minimizes creditor losses.