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Press Releases

Joint Release

For Immediate Release
August 15, 2014

Agencies Provide Additional Guidance for Certain Resolution Plans

The Federal Reserve Board and the Federal Deposit Insurance Corporation on Friday provided additional guidance to firms that in December will be filing resolution plans for the second time. Each plan must describe the company's strategy for rapid and orderly resolution under the U.S. Bankruptcy Code in the event of material financial distress or failure of the company.

One hundred and seventeen U.S. bank holding companies with less than $100 billion in total nonbank assets and foreign-based firms with less than $100 billion in U.S. nonbank assets were required to file their initial resolution plans with the agencies in December 2013.

Following review of the initial resolution plans, the agencies are providing each firm with guidance, clarification and direction for their second resolution plans based on the relative size and scope of each firm's U.S. operations:

The second plans are due to the agencies on or before December 31, 2014.

Also on Friday, the agencies released the tailored resolution plan template for 2014 plans. A tailored resolution plan focuses on the nonbanking operations of the firm and on the interconnections and interdependencies between the nonbanking and banking operations. The optional template is intended to facilitate the preparation of tailored resolution plans.

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Media Contacts:
Federal Reserve Eric Kollig (202) 452-2955
FDIC Andrew Gray (202) 898-7192

FDIC: PR-68-2014