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WASHINGTON The Federal Deposit Insurance Corp. on Wednesday offered additional guidance to firms drafting resolution plans, this time focusing on strategies for cleaning up large subsidiaries.
December 17 -
Although regulators say the bank's resolution plan still has "specific shortcomings," Wells Fargo appears closer than other banks in fulfilling the Dodd-Frank requirement.
November 25
WASHINGTON Regulators on Thursday posted another round of abridged resolution plans for regional U.S. banks and scores of foreign-owned institutions.
As required by the Dodd-Frank Act, the Federal Deposit Insurance Corp. and Federal Reserve Board collect annual "living wills" - road maps to how a banking firm would be unwound in bankruptcy - from over 130 companies each with over $50 billion in total assets. The banks are divided into three filing groups based on relative complexity, which is measured by nonbanking assets.
The public portions revealed Thursday - greatly abbreviated compared with versions seen just by regulators - were for the so-called third wave. Most of those roughly 120 companies filed their second drafts at the end of last year. They include such names as SunTrust and Regions Financial, but most are foreign companies with large global platforms yet relatively small U.S. footprints. In addition, the FDIC posted public versions of the resolution plans for 22 depository institutions with over $50 billion in assets.
The public versions include information about a firm's legal structure and financial statements, as well as a very high-level discussion of its resolution strategy. By contrast, the confidential portions for some banks are said to number in the thousands of pages.
