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Regulators give 14 US companies more time to submit resolution plans

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Regulators give 14 US companies more time to submit resolution plans

The Federal Reserve Board and the Federal Deposit Insurance Corp. extended the deadline for 14 U.S. companies by one year to Dec. 31, 2019.

The deadline has been extended to allow additional time for the agencies to provide feedback to the companies on their last submissions.

The resolution plans, also called living wills, are Dodd-Frank Act-required submissions detailing a company's strategy to resolve itself under bankruptcy in the event of financial distress or failure.

The companies are Ally Financial Inc., American Express Co., BB&T Corp., Capital One Financial Corp., Citizens Financial Group Inc., Fifth Third Bancorp, Huntington Bancshares Inc., KeyCorp, M&T Bank Corp., Northern Trust Corp., Regions Financial Corp., SunTrust Banks Inc., PNC Financial Services Group Inc. and U.S. Bancorp.