US Agencies Extend Submission Dates for Resolution Plans of Banks
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.
Related Links
- 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
Featured Experts

Victor Calanog, Ph.D.
Leading economist; commercial real estate; performance forecasting, econometric infrastructure; data modeling; credit risk modeling; portfolio assessment; custom commercial real estate analysis; thought leader.
Previous Article
US Agencies Amend LCR Rule for Banks Participating in MMLF and PPPLFRelated Articles
HKMA Enhances Loan Guarantee Scheme to Alleviate Pressure on SMEs
HKMA announced that enhancements will be made to the Special 100% Loan Guarantee of the SME Financing Guarantee Scheme (SFGS) and the application period will be extended to December 31, 2021.
EBA Proposes Standards for Supervisory Cooperation Under IFD
EBA launched consultations on the regulatory and implementing technical standards on cooperation and information exchange between competent authorities involved in prudential supervision of investment firms.
BoE Sets Out Plan to Transform Data Collection from Financial Sector
BoE has set out a three-phased plan to transform data collection from the UK financial sector over the next decade.
BIS Issues Updates on Technology Initiatives on Cross-Border Payments
BIS recently made a couple of announcements with respect to the planned and ongoing work in the area of financial technology.
ESRB Updates List of Macro-Prudential Measures in February 2021
ESRB updated the list of national macro-prudential measures applied by each member state in the European Economic Area.
BoE Survey Shows Positive COVID Impact on Outsourced Banking Services
BoE has set out results of a survey on the impact of COVID-19 events on the use of machine learning and data science.
ECB Issues Opinion on Proposal to Regulate Crypto-Asset Markets in EU
In response to a request from the European Council and Parliament, ECB published an opinion on the proposed regulation on markets in crypto-assets.
APRA Announces Aggregate Committed Liquidity Facility for Banks
APRA announced the updated aggregate amounts for the 2021 Committed Liquidity Facility (CLF) established between the Reserve Bank of Australia (RBA) and certain locally incorporated authorized deposit-taking institutions that are subject to the Liquidity Coverage Ratio (LCR).
ECB and UK Authorities Agree on Post-Brexit Supervisory Cooperation
ECB published supervisory Memorandums of Understanding (MoUs) with UK as well as other European and non-European authorities.
EIOPA Outlines Strategic Supervisory Priorities for Insurance Sector
EIOPA identified business model sustainability and adequate product design as the two EU-wide strategic supervisory priorities.