WASHINGTON U.S. regulators released individual plans on Thursday detailing how 11 of the largest financial institutions plan to wind themselves down in the event of a failure.
The Federal Deposit Insurance Corp. and the Federal Reserve Board jointly released the public portions of resolution plans by Bank of America, Bank of New York Mellon, Goldman Sachs, and JPMorgan Chase, among others.
The firms, which submitted their first plans last year to regulators, were required to submit revised versions with updates.
In April, the agencies issued guidance on additional information that should be included in the 2013 plans including specific obstacles to resolvability, like funding and liquidity, global cooperation, counterparty actions and interconnectednesss.
The 2010 regulatory reform law requires bank holding companies with total assets of $50 billion or more and nonbank financial companies designated by the Financial Stability Oversight Council to submit resolution plans to both agencies.
Firms with nonbank assets between $100 billion and $250 billion submitted their first resolution plans in July. A third batch of firms with less than $100 billion in total nonbank asset are required to submit their plans by Dec. 31.