The Federal Reserve Board and the Federal Deposit Insurance Corporation (FDIC) on Thursday permanently adjusted the annual resolution plan filing deadline for American International Group, Inc., General Electric Capital Corporation, Inc., MetLife Inc., and Prudential Financial, Inc., from July 1 to December 31 beginning in 2016.
The Dodd-Frank Wall Street Reform and Consumer Protection Act requires that certain banking organizations with total consolidated assets of $50 billion or more and nonbank financial companies designated by the Financial Stability Oversight Council (FSOC) for supervision by the Federal Reserve periodically submit resolution plans to the Federal Reserve and FDIC. Each plan must describe the company’s strategy for rapid and orderly resolution under the U.S. bankruptcy code in the event of material financial distress or failure of the company.
The agencies previously temporarily extended the 2015 resolution plan deadlines for American International Group, General Electric Capital Corporation, and Prudential Financial to December 31. MetLife will submit its first resolution plan by December 31, 2016.
Each firm was previously designated by the FSOC for enhanced supervision by the Federal Reserve.
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