Skip to main content
U.S. flag
An official website of the United States government
Dot gov
The .gov means it’s official.
Federal government websites often end in .gov or .mil. Before sharing sensitive information, make sure you’re on a federal government site.
Https
The site is secure.
The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely.
Press Release
Agencies Extend Two Resolution Plan Deadlines
May 6, 2020
Joint Release

Board of Governors of the Federal Reserve System

Federal Deposit Insurance Corporation

For release at 5:00 p.m. EDT

In light of the challenges arising from the coronavirus response, the Federal Deposit Insurance Corporation and the Federal Reserve Board today announced two extensions to upcoming resolution plan deadlines.

First, the agencies extended the submission date by 90 days, to September 29, 2020, for the resolution plans from Barclays, Credit Suisse, Deutsche Bank, and UBS. These plans are required to remediate certain weaknesses—deemed "shortcomings"—previously identified by the agencies. And second, the agencies extended the submission date by 90 days, to September 29, 2021, for the targeted resolution plans from the large foreign and domestic banks in Category II and Category III of the agencies' large bank regulatory framework.

Targeted resolution plans for the eight global systemically important banking organizations will remain due by July 1, 2021. The agencies will monitor conditions and may adjust this deadline if warranted.

Resolution plans, commonly known as living wills, must describe the company's strategy for rapid and orderly resolution in bankruptcy in the event of material financial distress or failure of the company. For foreign banks, resolution plans are focused on their U.S. operations.

Attachments
Last Updated: May 6, 2020