Banks campaign for Fed extension of 'living will' filing deadline

16 July 2019 9:29pm
Banking groups are making a concerted effort to get the US Federal Reserve to relax a year-end deadline for firms to file a “living will” in light of its proposal to reduce the frequency of these submissions by small and regional banks.

A filing extension is “necessary to avoid placing organizations in the untenable position of having to prepare” a 2019 resolution plan that “could be rendered moot” if the Fed’s plan is made effective Nov. 24, as proposed, Capital One, PNC and US Bancorp wrote recently. Groups including the Bank Policy Institute and Securities Industry and Financial Markets Association made a similar point in a letter last month, in a May 17 meeting with Fed and Federal Deposit Insurance Corp. officials, and in a May 1 letter.

"We request that the agencies immediately issue a statement that no resolution plan submissions will be required prior to July 1, 2021," the Institute of International Bankers wrote.