WASHINGTON — Regulators announced Tuesday that they are giving large banks with assets of less than $100 billion an additional year to file their living wills.
The so-called second-wave filers — which includes 36 U.S. bank holding companies and two foreign banks — will have to turn in their resolution plans by Dec. 31, 2017, the Federal Reserve and Federal Deposit Insurance Corp. said.
Regulators acknowledged that the decision resulted in part from a lag in their feedback on the firms' 2015 submissions, which the agencies have not issued yet. "This extension will allow the firms additional time to incorporate feedback and guidance into their next plan submissions," the FDIC and Fed said in a joint press release.
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Federal regulators will take decisive action if the biggest banks fail to improve their living wills by October, Federal Reserve Board Chair Janet Yellen pledged to lawmakers on Tuesday.
June 21 -
WASHINGTON The Federal Reserve and Federal Deposit Insurance Corp. announced Friday that 84 foreign banks with limited U.S. operations will be able to file more condensed resolution plans, decreasing the administrative burden and cost.
June 10 -
The Federal Reserve Board and Federal Deposit Insurance Corp. on Wednesday gave the four systemically important foreign banks one additional year to file their living wills.
June 8
The agencies took similar steps in April to allow the eight systemically important banks — or first-wave filers — to submit their living wills in July 2017, instead of July 2016.
