First Wave FBOs Receive Feedback Significant Progress, Next Steps Identified

January 7, 2019

On December 20th, the Federal Reserve and the FDIC provided feedback on the July 2018 resolution plans filed by four foreign banking organizations – Barclays PLC, Credit Suisse Group AG, Deutsche Bank AG and UBS Group AG.

The feedback letters noted meaningful improvements over the resolution plans filed by these foreign banks in 2015 to enhance resolvability and facilitate orderly resolution in bankruptcy. However, the Federal Reserve and the FDIC did identify specific “shortcomings” that the banks must address in their next resolution plans due on July 1, 2020. Detailed project plans to remedy these shortcomings, and to complete other enhancements, must be filed by April 5, 2019.