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August 08, 2017

The US Agencies (specifically, FED and FDIC) extended the resolution plan filing deadline for 19 foreign banking organizations and 2 large domestic bank holding companies to December 31, 2018. This gives the firms an additional year to address any supervisory guidance in their next plan submissions. Additionally, two firms are being allowed to file reduced-content resolution plans.

The foreign banks are Banco Bilbao Vizcaya Argentaria, S.A., Banco Santander, S.A., Bank of China Limited, Bank of Montreal, BNP Paribas, BPCE, Coöperatieve Rabobank U.A., Crédit Agricole S.A., HSBC Holdings plc, Industrial and Commercial Bank of China Ltd., Mitsubishi UFJ Financial Group, Inc., Mizuho Financial Group, Inc., Royal Bank of Canada, Société Générale, Standard Chartered PLC, Sumitomo Mitsui Financial Group, Inc., The Bank of Nova Scotia, The Norinchukin Bank, and The Toronto-Dominion Bank. The two domestic firms are CIT Group, Inc. and Citizens Financial Group, Inc. The two smaller foreign firms that can file reduced-content resolution plans, moving forward, are Canara Bank and Mercantil Servicios Financieros, C.A.. These firms have submitted prior plans that provide the agencies with an understanding of their limited U.S. operations.

 

Resolution plans, required by the Dodd-Frank Act and commonly known as living wills, must describe a company's strategy for rapid and orderly resolution under bankruptcy in the event of material financial distress or failure of the company. For foreign banking organizations, resolution plans are focused on their U.S. operations. Additionally, reduced-content plans focus on material changes the firms have made to their prior resolution plans, alterations or actions to improve the effectiveness of their plans, and, where applicable, actions to ensure any subsidiary insured depository institution is adequately protected from the risks arising from the activities of nonbank subsidiaries of the firm.

 

Related Link: Joint Press Release 

Keywords: Americas, United States of America, Banking, Resolution Plans, Reduced Content Plans, US Agencies

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