In view of the challenges posed by the effects of the COVID-19 pandemic, the US Agencies (FDIC and FED) have decided to extend certain submission dates for the resolution plans for 2020 and 2021. The agencies have extended the submission date by 90 days, to September 29, 2020, for the resolution plans from Barclays, Credit Suisse, Deutsche Bank, and UBS. The agencies have also extended the submission date for the 2021 resolution plan by 90 days, to September 29, 2021, for the targeted resolution plans from the large foreign and domestic banks in Category II and Category III of the agencies' large bank regulatory framework. Additionally, the agencies have released a list of 14 domestic and foreign banks that are required to submit the resolution plans by September 29, 2021.
Targeted resolution plans for the eight global systemically important banking organizations will remain due by July 01, 2021. The agencies will monitor conditions and may adjust the deadlines if warranted. The resolution plans to be submitted by September 29, 2020 are required to remediate certain weaknesses—deemed shortcomings—that have been previously identified by the agencies. These shortcomings were identified in a feedback letter dated December 20, 2018, wherein the agencies had identified shortcomings in certain covered companies' 2018 resolution plan submissions. The feedback letter provided that the 2020 resolution plan submissions should demonstrate that the shortcomings have been satisfactorily addressed and that various enhancement initiatives had been completed by the submission date.
- Press Release
- Extension Letter for Foreign Banks (PDF)
- Extension Letter for 10 Firms (PDF)
- List of Banks (PDF)
Keywords: Americas, US, Banking, COVID-19, Resolution Plan, Resolution Planning, Resolution Framework, Deadline Extension, US Agencies
Leading economist; commercial real estate; performance forecasting, econometric infrastructure; data modeling; credit risk modeling; portfolio assessment; custom commercial real estate analysis; thought leader.
Previous ArticleUS Agencies Amend LCR Rule for Banks Participating in MMLF and PPPLF
The Bank of England (BoE) published a consultation paper on approach to setting minimum requirement for own funds and eligible liabilities (MREL), an operational guide on executing bail-in, and a statement from the Deputy Governor Dave Ramsden.
The European Banking Authority (EBA) is seeking preliminary input on standardization of the proportionality assessment methodology for credit institutions and investment firms.
Certain regulatory authorities in the US are extending period for completion of the review of certain residential mortgage provisions and for publication of notice disclosing the determination of this review until December 20, 2021.
The Prudential Regulation Authority (PRA) published the policy statement PS18/21, which introduces an amendment in the definition of "higher paid material risk taker" in the Remuneration Part of the PRA Rulebook.
The European Banking Authority (EBA) published its annual report on asset encumbrance in banking sector.
The European Banking Authority (EBA) published a methodological guide to mystery shopping.
The Australian Prudential Regulation Authority (APRA) released a letter to authorized deposit-taking institutions to provide an update on key policy settings for the capital framework reforms, which will come into effect from January 01, 2023.
The Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) published a report that assesses the business continuity planning activities of financial market infrastructures or FMIs.
The Bank of England (BoE) published questions and answers (Q&A) on OSCA to BEEDS migration for statistical reporting as well a presentation from the project overview session held with statistical reporters.
The Basel Committee on Banking Supervision (BCBS) is consulting on a technical amendment to the Basel Framework to reflect a new process reviewing the global systemically important bank (G-SIB) assessment methodology.