- John Flint to succeed Stuart Gulliver as HSBC’s Group CEO
- Sigma publishes first-ever financial crime-related rating for Maltese bank
- Banks must tailor their marketing to individual customers, says Optimove
- Fewer than one in ten seek professional advice about financial protection, says HSBC
- OakNorth secures new investment to boost UK businesses in 2018
- US Faster Payments Governance Framework Formation Team announced
- ACI Worldwide and STET team to drive European immediate payments adoption expired
- Barclays’ Chief Compliance Officer to leave expired
- Lords Sub-Committee to look at how financial regulation will evolve after Brexit expired
- Bank of America delivers positive operating leverage in Q3 expired
- JPMorgan Chase delivered solid Q3 results, says CEO expired
- Wells Fargo’s Q3 results hit by the impact of mortgage-related litigation expired
11th August 2017
Agencies extend resolution plan filing deadline for certain foreign and domestic banks
The Federal Reserve Board and the Federal Deposit Insurance Corporation (FDIC) have extended the resolution plan filing deadline for 19 foreign banking organisations and two large domestic bank holding companies to 31st December, 2018, to give the firms an additional year to address any supervisory guidance in their next plan submissions.
The foreign banks are: Banco Bilbao Vizcaya Argentaria, SA; Banco Santander, SA; Bank of China Limited; Bank of Montreal; BNP Paribas; BPCE; Coöperatieve Rabobank UA; Crédit Agricole SA; HSBC Holdings plc; Industrial and Commercial Bank of China Ltd; Mitsubishi UFJ Financial Group, Inc; Mizuho Financial Group, Inc; Royal Bank of Canada; Société Générale; Standard Chartered PLC; Sumitomo Mitsui Financial Group, Inc; The Bank of Nova Scotia; The Norinchukin Bank; and The Toronto-Dominion Bank. The two domestic firms are: CIT Group, Inc and Citizens Financial Group, Inc.
Also, the agencies announced that they would allow two smaller foreign firms, Canara Bank and Mercantil Servicios Financieros, CA, to file reduced-content resolution plans moving forward. The firms have submitted prior plans that provide the agencies with an understanding of their limited US operations. Reduced-content plans focus on material changes the firms have made to their prior resolution plans, alterations or actions to improve the effectiveness of their plans, and, where applicable, actions to ensure any subsidiary insured depository institution is adequately protected from the risks arising from the activities of non-bank subsidiaries of the firm.