In a shocking turn of events, the Federal Deposit Insurance Corporation and the Federal Reserve Board have announced that they did not find any ‘shortcomings’ or ‘deficiencies’ in the 2021 resolution plan of Truist Financial Corporation.
The resolution plan, which is required by the Dodd-Frank Act and commonly known as a ‘living will,’ describes a financial company’s strategy for rapid and orderly resolution under bankruptcy in the event of financial distress or failure.
However, the agencies did issue feedback to the firm on its plan, providing additional information on areas of improvement for its next plan. The next resolution plan is due on or before July 1, 2024.
The announcement comes as the agencies anticipate issuing guidance to help certain large banks further develop their resolution plans. The guidance, which will apply to Category II and Category III banking organizations, will help these banks better prepare for a potential bankruptcy.
The agencies will seek and consider public comment on the guidance before it is finalized. Larger and more complex banks are already subject to guidance from the agencies.
The move is seen as a step towards ensuring the stability of the financial system and preventing a potential economic collapse.
The Federal Deposit Insurance Corporation and the Federal Reserve Board have released a joint statement announcing the forthcoming guidance and feedback on Truist Financial’s resolution plan.
Contact information for the Federal Deposit Insurance Corporation can be found at the bottom of the page.
Last Updated: September 30, 2022
Julianne Fisher Breitbeil, a spokesperson for the FDIC, is available for comment at (202) 340-2043.
The agencies’ announcement has sent shockwaves through the financial industry, with many experts praising the move as a step towards greater transparency and accountability.
As the financial landscape continues to evolve, it remains to be seen how these changes will impact the industry and the public.
In related news, the agencies have announced that they will be seeking public comment on the forthcoming guidance before it is finalized. This is a crucial opportunity for stakeholders to weigh in and provide feedback on the guidance.
The move is seen as a key step towards ensuring the stability of the financial system and preventing a potential economic collapse.
The Federal Deposit Insurance Corporation and the Federal Reserve Board have a long history of working together to regulate the financial industry and ensure its stability.
As the financial landscape continues to evolve, it remains to be seen how these changes will impact the industry and the public.
Contact information for the Federal Deposit Insurance Corporation can be found at the bottom of the page.
Last Updated: September 30, 2022
Julianne Fisher Breitbeil, a spokesperson for the FDIC, is available for comment at (202) 340-2043.
Related Federal Cases
- Federal Reserve Board and FDIC, Bank Resolution Plans Released, Was… · Washington
- Wall Street Firms, Financial Malfeasance, New York NY, 2023 · Texas
- Matt Gaetz Introduces Resolution to Censure Judge, Washington D.C.,… · Washington
- Standard & Poor’s Downgrades Five Major US Banks, Economic Trouble … · Washington
- ATF Office of Inspector General, Financial Mismanagement Exposed, W… · Illinois
Key Facts
- Agency: FDIC
- Category: Fraud & Financial Crimes
- Source: Official Source â†â€â€ÂÂ
ðŸâ€ÂÂÂ’ Get the grimiest stories delivered weekly. Subscribe free →
Browse More
All Federal Districts →All Districts →
MORE FEDERAL CRIME NEWS
US NewsUS NewsUS NewsUS News