On July 6, 2015, the US Board of Governors of the Federal Reserve System and the US Federal Deposit Insurance Corporation posted the public portions of annual resolution plans for 12 large financial firms. As required by the Dodd- Frank Wall Street Reform and Consumer Protection Act and regulations promulgated thereunder, bank holding companies with total consolidated assets of $50 billion or more an nonbank financial companies designated by the Financial Stability Oversight Council as systemically important must periodically submit resolution plans, consisting of both a public section and a confidential section, to the FDIC and the Federal Reserve Board. In order to increase the transparency of resolution plans, the FDIC and the Federal Reserve Board require that the public section of the resolution plan include a summary of the resolution plan describing certain elements, including the firm's material entities and core business lines, and information that may be helpful in understanding how the resolution plan would be executed. The 12 firms included: Bank of America, Bank of New York Mellon, Barclays, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, JPM Chase, Morgan Stanley, State Street Corporation, UBS, and Wells Fargo.
The public portions of the resolution plans submitted by the
firms are available at:
http://www.federalreserve.gov/bankinforeg/resolution-plans.htm.
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