Law360, New York (June 8, 2016, 8:35 PM EDT) -- Barclays PLC, Credit Suisse AG, Deutsche Bank AG and UBS Group AG will get another year to submit their living wills, or formal strategies for rapid and orderly resolution in the face of a financial crisis or insolvency, the Federal Reserve Board and the Federal Deposit Insurance Corp. announced Wednesday.The four foreign banks were originally required to submit their living wills, formally known as "resolution plans," on July 1, 2016, but both the Fed and the FDIC determined that a July 1, 2017, due date would be sufficient. The decision was made unanimously in light of the significant restructuring the...
US regulators have given Deutsche Bank, Credit Suisse, Barclays and UBS an additional year to file revised living wills. The banks will now have until July 2017 to submit their strategies for resolution if faced with insolvency or a financial crisis.