WASHINGTON – The public portions of resolution plans submitted by three systemically important nonbanks and certain midsize banks were published Friday by the Federal Deposit Insurance Corp. and Federal Reserve Board.
Under the Dodd-Frank Act, banks with more than $50 billion of assets are required to submit so-called living wills. The wills detail how the banks can be taken apart in a crisis, and a part of the plan must be made publicly available.
The agencies have already released the living wills for the largest institutions. On Friday they published the public portions of living wills submitted by banks with assets of $50 billion to $250 billion, as well as the plans for three of the four nonbanks designated as systemically important financial institutions. Those were American International Group, Prudential and General Electric.
The public portions released by the FDIC and Fed include details on the companies' finances and legal structure and a bird's-eye view of the resolution plans, which can number in the thousands of pages.