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.

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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.

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