This analysis updates a previous memo and incorporates advice we have received from the Federal Reserve Board (“FRB”) and the Federal Deposit Insurance Corporation (“FDIC”) regarding the preparation of living wills for bank holding companies and banks required to comply by July 31, 2103 or December 31, 2013.

In November 2011, the FRB and the FDIC adopted regulations requiring U.S. bank holding companies with consolidated assets exceeding $50 billion to provide a resolution plan—commonly being referred to as a “living will.”

Because the asset tier structuring determines when a bank holding company (and possibly, its subsidiary bank(s)) must submit a living will, covered holding companies are required to submit their living wills on July 31, 2013 or December 31, 2013. (The largest bank holding companies have previously submitted their living wills on July 31, 2012.)