The FDIC announced on Sept. 8th that the agenda for their Sept. 13th meeting will include approval of the final rule on resolution planning (a/k/a living wills) under section 165(d) of the Dodd-Frank Act. If approved at that meeting, it is anticipated that the final rule will require bank holding companies with $50 billion or more in consolidated assets to submit their living wills to the FDIC, Federal Reserve Board and Financial Stability Oversight Council within a specified time period (expected to be 180 days) following the effective date of the rule. The rule will become effective following Federal Reserve approval and publication in the Federal Register. As a result, the deadline may occur as early as mid-March 2012. It is unclear to what extent the final rule will address certain concerns (including confidentiality) raised during the comment period. Click here to view the meeting announcement.
More from the Bankruptcy Blog
Copyright © 2020 Weil, Gotshal & Manges LLP, All Rights Reserved. The contents of this website may contain attorney advertising under the laws of various states. Prior results do not guarantee a similar outcome. Weil, Gotshal & Manges LLP is headquartered in New York and has office locations in Beijing, Boston, Dallas, Frankfurt, Hong Kong, Houston, London, Miami, Munich, New York, Paris, Princeton, Shanghai, Silicon Valley, and Washington, D.C.