March 29, 2019

US Agencies (FED and FDIC) announced that they completed their evaluation of the 2017 resolution plans for 14 domestic banking organizations. The agencies also issued their expectations for the firms' next resolution plan submissions, which are due on or before December 31, 2019. The agencies did not identify any deficiencies or shortcomings in the 2017 resolution plans. Moreover, the agencies concluded that the 2017 resolution plan of Northern Trust was able to satisfactorily address the three shortcomings that had been identified in its 2015 resolution plan.

The 14 firms that were evaluated are Ally Financial Inc., American Express Company, BB&T Corporation, Capital One Financial Corporation, Discover Financial Services, Fifth Third Bancorp, Huntington Bancshares Incorporated, KeyCorp, M&T Bank Corporation, Northern Trust Corporation, Regions Financial Corporation, SunTrust Banks, Inc., The PNC Financial Services Group, Inc., and U.S. Bancorp. The Board also the feedback letter for each firm. The letters note that the agencies intend to issue for notice and comment proposed revisions to the resolution plan rule, including changes to implement the Economic Growth, Regulatory Relief, and Consumer Protection (EGRRCP) Act. The letters also outline the expectations under the current rule requirements and explain that, in most cases, the agencies generally expect the 2019 submission of each firm to include only material changes from its previous plan and updated financial statements.

 

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Keywords: Americas, US, Banking, Resolution Plans, Feedback Letters, EGRRCP Act, US Agencies, FDIC, FED

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