the information through the links provided below .
Agencies provide largest firms with information for next
Board of Governors of the Federal Reserve
Federal Deposit Insurance Corporation
release at 4:00 p . m . EDT
The Federal Deposit Insurance
Corporation and the Federal Reserve Board today provided information
to the eight largest and most complex domestic banking organizations
that will guide their next resolution plans, which are due by July 1,
Resolution plans, commonly known as living wills, must
describe the firm's strategy for rapid and orderly resolution in
bankruptcy in the event of material financial distress or failure of
the firm .
The 2021 plans will be required to include core
elements of a firm's resolution planâsuch as capital, liquidity, and
recapitalization strategiesâas well as how each firm has integrated
changes to and lessons learned from its response to the coronavirus
into its resolution planning process . This will be the first
"targeted" resolution plan, a type of plan introduced in the revisions
to the agencies' resolution plan rule finalized last year
Separately, the agencies recently completed a review of
"critical operations," which are operations at certain firms whose
failure or discontinuance would threaten U . S . financial stability,
and informed the firms of their findings . The agencies also plan to
complete another such review by July 2022, and this review will
include a further, broader evaluation of the framework used to
identify critical operations .
Disclaimer: RegRadar is not endorsed nor affiliated with the source authority. This material does not constitute any advice. This material is machine translated and does not constitute an official translation by the source authority. Please note that the information can be obtained free of charge through the source website.