In January 2012, the FDIC approved a final rule requiring an insured depository institution with $50 billion or more in total assets to submit periodically to the FDIC a contingent plan for its resolution in the event of its failure. These resolution plans should enable the FDIC, as receiver, to resolve the institution under Sections 11 and 13 of the Federal Deposit Insurance Act.
The board and the FDIC have also granted an extension to the filing date to give the 11 firms that filed in 2012 additional time to develop resolution plan submissions that address the agencies' additional instructions.
Accordingly, the 2013 resolution plan filing deadline will move from July 1, 2013, to Oct. 1, 2013. The extension does not affect resolution plan submission dates for other banking organizations.