(Bloomberg) -- The Federal Reserve provided updated guidance to US and foreign banks that are developing resolution plans known as living wills.
The guidance, in conjunction with the Federal Deposit Insurance Corp., is similar to what was proposed in August 2023, the Fed said in a statement Monday. It generally applies to US and foreign banks with more than $250 billion in total assets, though not the biggest and most complex lenders.
The Fed said the guidance “recognizes that the preferred resolution outcome for foreign banks is often a successful home country-led resolution.” The deadline to submit resolution plans has been extended to Oct. 1, 2025, rather than March 31, 2025.
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