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 ArticleFSI Examines Jurisdictional Dividend Distribution Policies for Banks
EBA issued a revised list of validation rules with respect to the implementing technical standards on supervisory reporting.
EBA published its response to the call for advice of EC on ways to strengthen the EU legal framework on anti-money laundering and countering the financing of terrorism (AML/CFT).
NGFS published a paper on the overview of environmental risk analysis by financial institutions and an occasional paper on the case studies on environmental risk analysis methodologies.
MAS published the guidelines on individual accountability and conduct at financial institutions.
APRA published final versions of the prudential standard APS 220 on credit quality and the reporting standard ARS 923.2 on repayment deferrals.
SRB published two articles, with one article discussing the framework in place to safeguard financial stability amid crisis and the other article outlining the path to a harmonized and predictable liquidation regime.
FSB hosted a virtual workshop as part of the consultation process for its evaluation of the too-big-to-fail reforms.
ECB updated the list of supervised entities in EU, with the number of significant supervised entities being 115.
OSFI published the key findings of a study on third-party risk management.
FSB is extending the implementation timeline, by one year, for the minimum haircut standards for non-centrally cleared securities financing transactions or SFTs.