Details

  • Service: Audit, Tax, Advisory
  • Industry: Financial Services, Banking & Capital Markets
  • Type: Publication series
  • Date: 10/3/2011

Dodd-Frank Quick Hits Alert - FDIC Interim Rule - (September 2011) 

KPMG's Americas' Financial Services Regulatory Center of Excellence released an alert in September 2011 addressing the new rule published by the FDIC that requires insured depository institutions with $50 billion or more in total assets to submit a periodic contingency plan, also called a living will, to the FDIC.
The FDIC is proposing that plans will be required in phases, based upon the amount of a company’s nonbank assets, as follows: Insured depository institutions whose parent company nonbank assets of $250 billion and above must have their plans completed by July 1, 2012. Parent companies with nonbank assets between $100 and $250 billion will be given a deadline of July 1, 2013.