Dodd-Frank Rulemaking Update: Resolution Plans/Living Wills

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The July 6, 2011 Federal Deposit Insurance Corporation Board of Directors (the “FDIC Board”) meeting marked the changing of the guard from Chairman Sheila Bair to FDIC Vice Chairman Martin Gruenberg. Chairman Bair’s valedictory meeting was not merely ceremonial; it also covered several key developments regarding the timing of a final rule on resolution plans under section 165(d) of Title I and a final rule on the Orderly Liquidation Authority (“OLA”) under Title II.

Although we had hoped to see a final rule on section 165(d) addressing resolution plans or “living wills,” none was forthcoming, to Chairman Bair’s evident disappointment. She advised the FDIC Board that FDIC staff continues to work closely with the Federal Reserve Board staff on resolution plan issues and said she expects the final rule on living wills to be completed by the end of August.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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