September 30, 2022
Agencies announce forthcoming resolution plan guidance for large banks and deliver feedback on resolution plan of Truist Financial Corporation
Board of Governors of the Federal Reserve System
Federal Deposit Insurance Corporation
For release at 4:30 p.m. EDT
The Federal Deposit Insurance Corporation and the Federal Reserve Board on Friday jointly announced they anticipate issuing guidance to help certain large banks further develop their resolution plans.
Resolution plans, required by the Dodd-Frank Act and commonly known as “living wills,” describe a financial company’s strategy for rapid and orderly resolution under bankruptcy in the event of financial distress or failure.
The guidance from the agencies would apply to Category II and Category III banking organizations—generally those with more than $250 billion in total assets but that are not global systemically important banks—and which have no