US Agencies Release Public Parts of Resolution Plans for Large Banks
The Board of Governors of the Federal Reserve System (FED) and the Federal Deposit Insurance Corporation (collectively US Agencies) released public sections of the resolution plans of eight large domestic banks. These US Agencies generally require Title I Resolution Plans from U.S. bank holding companies and foreign banking organizations with USD 250 billion or more in assets or USD 100 billion in assets. The resolution plans are required by the Dodd-Frank Act and commonly known as living wills.
The resolution plans describe a company’s strategy for rapid and orderly resolution under bankruptcy in the event of material financial distress or failure. Eight banks were required to submit targeted resolution plans by July 01, 2021. Out of the eight banks, five banks have (US nonbank) assets of USD 250 billion or more: Bank of America Corporation, Citigroup Inc, The Goldman Sachs Group, Inc, JPMorgan Chase & Co, and Morgan Stanley. The other three banks are The Bank of New York Mellon Corporation, State Street Corporation, and Wells Fargo & Company. By regulation, resolution plans must be divided into public and confidential sections. To foster transparency, the agencies have required each firm’s public section to summarize certain elements of the resolution plan and this public section information has now been disclosed.
Related Links
Keywords: Americas, US, Banking, Resolution Planning, Dodd-Frank Act, Basel, Large Banks, Resolution Framework, US Agencies
Featured Experts

María Cañamero
Skilled market researcher; growth strategist; successful go-to-market campaign developer

Nicolas Degruson
Works with financial institutions, regulatory experts, business analysts, product managers, and software engineers to drive regulatory solutions across the globe.

Patrycja Oleksza
Applies proficiency and knowledge to regulatory capital and reporting analysis and coordinates business and product strategies in the banking technology area
Previous Article
FCA Sets Out Principles for Disclosure of ESG and Sustainable FundsRelated Articles
OSFI Discusses Benchmark Rate Transition, Sets Out Work Priorities
The Office of the Superintendent of Financial Institutions (OSFI) published the strategic plan for 2022-2025 and the departmental plan for 2022-23.
EBA Proposes Standards to Support Secondary NPL Markets
The European Banking Authority (EBA) is consulting, until August 31, 2022, on the draft implementing technical standards specifying requirements for the information that sellers of non-performing loans (NPLs) shall provide to prospective buyers.
EU Confirms Agreement on Rules on Cybersecurity and Banking Resolution
The European Council and the Parliament reached an agreement on the revised Directive on security of network and information systems (NIS2 Directive).
EBA Issues Standards for Crowdfunding Service Providers Under ECSPR
The European Banking Authority (EBA) published the final draft regulatory technical standards specifying information that crowdfunding service providers shall provide to investors on the calculation of credit scores and prices of crowdfunding offers.
EU to Amend Credit Risk Adjustment Rules; ESAs Submit Queries on SFDR
The European Council published a draft Commission Delegated Regulation to amend the regulatory technical standards on specification of the calculation of specific and general credit risk adjustments.
EU Confirms Agreement on Rules on Cybersecurity and Banking Resolution
The European Securities and Markets Authority (ESMA) published a paper that examines the systemic risk posed by increasing use of cloud services, along with the potential policy options to mitigate this risk.
MAS Amends Notice 635 and Issues Second Proposal on Green Taxonomy
The Monetary Authority of Singapore (MAS) published amendments to Notice 635, which sets out requirements that a bank in Singapore has to comply with when granting an unsecured non-card credit facility to individuals.
EC Consults on PSD2 and Open Finance; EU Reaches Agreement on DORA
The European Commission (EC) published a public consultation on the review of revised payment services directive (PSD2) and open finance.
EC Mandates ESAs to Propose Amendments to SFDR Technical Standards
The European Commission (EC) has issued two letters mandating the European Supervisory Authorities (ESAs) to jointly propose amendments to the regulatory technical standards under Sustainable Finance Disclosure Regulation or SFDR.
EBA Examines Supervisory Practices, Issues Deposits Reporting Template
The European Banking Authority (EBA) published its annual report on convergence of supervisory practices for 2021. Additionally, following a request from the European Commission (EC),