The Federal Deposit Insurance Corporation yesterday approved the final rule mandating bank holding companies designated as Systemically Important Financial Institutions (SIFIs) with assets of more than $50 billion draw up their resolution plans in the event of bankruptcy.
The Federal Reserve Board, the other agency tasked with the job to jointly issue the rule, will consider the requirements set forth in the FDIC’s final rule before making its announcement later. The Fed’s approval is required before the rule can take effect. Under the Dodd-Frank Act, the two agencies are responsible for overseeing implementation of the rule.
