Agencies extend resolution plan submission deadline for some large financial institutions

　　The Federal Reserve Board and the Federal Deposit Insurance Corporation on Wednesday announced that they are extending the resolution plan submission deadline for certain large financial institutions. These companies will be required to submit their resolution plans by March 31, 2025, instead of July 1, 2024.

　　By law, certain large financial institutions must periodically submit resolution plans to the agencies. These resolution plans, also known as “living wills,” must describe a company's strategy for orderly resolution in the event of material financial distress or failure of the company.

　　In August of last year, the agencies invited public comment on proposed guidance for how the resolution plans of certain large financial institutions could address key challenges in resolution. The agencies indicated that they were considering providing an extension of the next resolution plan submission date to provide reasonable time for the proposed guidance, once finalized, to be reflected in the plan submissions. The public comment period closed November 30, 2023, and the agencies continue to develop the final guidance.