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Deadline extended for foreign bank resolution plans

Joe Mont | June 9, 2016

The Federal Reserve Board and the Federal Deposit Insurance Corporation have granted four foreign banking organizations additional time to submit their next resolution plans.
 Previously, the four affected banks—Barclays PLC, Credit Suisse Group, Deutsche Bank AG, and UBS—were required to submit their next plans on July 1, 2016. The agencies, however, determined that the annual resolution plan filing requirement will be satisfied by the submission of 2017 resolution plans, due by July 1 of that year.
The Dodd-Frank Act requires that bank holding companies with total consolidated assets of $50 billion or more or foreign banks with $50 billion or more in global consolidated assets periodically submit resolution plans to the FDIC and the Federal Reserve. Each plan must describe the company's strategy for rapid and orderly resolution under the U.S. Bankruptcy Code or other applicable insolvency...

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