- Santander, with Bank Zachodni WBK, acquires Polish retail banking business
- FCA makes it easier for people to compare bank accounts
- UniCredit agrees to sell down FINO portfolio below 20 per cent
- Re-mortgaging boost continued in October
- CBA accused of failing to disclose cash transactions that exceeded legal limit
- Responsibility to take forward New Payments Architecture Blueprint moves to NPSO
- Barclays launches range of green Corporate Banking products expired
- EBA publishes final draft technical standards for register under PSD2 expired
- Research shows financial services are bringing offshore jobs back to the UK expired
- Fed Board seeks comment on proposed changes to Payment System Risk Policy expired
- FCA publishes update on proposed new rules to help credit card customers in persistent debt expired
- Lloyds Bank simplifies small business overdrafts 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.