Targeted Resolution Plan Requirements: Federal Reserve and FDIC Provide Information to U.S. G-SIBs Regarding 2021 Targeted Resolution PlansSullivan & Cromwell LLP - July 2, 2020
On July 1, 2020, the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation sent a letter to the eight U.S. Global Systemically Important Banks specifying the requirements for the targeted resolution plan that each U.S. G-SIB is required to submit on or before July 1, 2021 under section 165(d) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the jointly issued Resolution Plan Rule. The letter identifies the targeted information required to be included in each U.S. G-SIB’s 2021 targeted resolution plan, which is generally focused on the U.S. G-SIB’s response to events surrounding the coronavirus. The Agencies intend to use each U.S. G-SIB’s response to the stress caused by the coronavirus to inform their assessment of the U.S. G-SIB’s resolution-related capabilities and infrastructure.