On December 20, 2018, the Federal Reserve and the Federal Deposit Insurance Corporation (together, the “Agencies”) issued final guidance with respect to future resolution plan submissions under Title I of the Dodd-Frank Act by the eight U.S. Global Systemically Important Banks, including the plan submissions that are due July 1, 2019. The final guidance adopts, and addresses comments provided in response to, the proposed resolution planning guidance the Agencies issued for comment on June 29, 2018. Like the proposed guidance and the foundational guidance issued by the Agencies in April 2016, the final guidance describes the supervisory expectations of the Agencies with respect to firm capabilities in the following areas relevant to resolution: capital, liquidity, governance mechanisms, payment, clearing and settlement activities, collateral management, management information systems, shared and outsourced services, legal entity rationalization criteria, separability, and derivatives and trading activities. Notably, the final guidance consolidates all prior resolution planning guidance into one document and states that any prior guidance not included in the final guidance is superseded.