The Federal Reserve Board ("FRB") and FDIC adopted a final rule amending resolution planning requirements under the Dodd-Frank Act.

The final rule is designed to make improvements to the November 2011 joint resolution plan rule and implement amendments made by the Economic Growth, Regulatory Relief and Consumer Protection Act. Pursuant to the final rule, both agencies will extend the "default resolution plan filing cycle" and permit more focused resolution plan submissions. Additionally, the FRB will tailor the resolution planning requirements to U.S. and foreign banking organizations by using four "risk-based categories."

According to the agencies, the final rule is substantially similar to the proposal. However, as per one key change, the final rule will allow only smaller and less complex firms to request waivers of particular elements of their full resolution plans. If such requests are submitted, those firms will have to receive approval from both the FRB and the FDIC.

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