Comments due on Fed/FDIC resolution plans guidance proposal
The FDIC and the Federal Reserve Board have invited public comment on proposed changes to the guidance for resolution plans submitted by large foreign banks, including plans that are due by July 1, 2021. The updates focus on the agencies' expectations around a firm's derivatives and trading activities and payment, clearing, and settlement activities. The proposed guidance is largely similar to the guidance from March 2017, and includes certain updates based on the agencies' review of the firms' most recent resolution plans and changes to the resolution planning rules. The proposed guidance also seeks comment on objective, quantitative criteria to determine its applicability. As of the date of the proposal, the firms that meet the proposed criteria are the U.S. operations of Barclays, Credit Suisse, and Deutsche Bank.
Update: Published 3/18/2020 at 85 FR 15449 with a 48-day comment period ending 5/5/2020.
Update: On 4/27/2020, the agencies announced a 30-day extension of the comment period, which now ends on 6/4/2020.