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Regulators extend living will deadlines for Citizens, CIT, 19 foreign companies

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Regulators extend living will deadlines for Citizens, CIT, 19 foreign companies

CIT Group Inc., Citizens Financial Group Inc. and 19 foreign banks now have until Dec. 31, 2018, to file their living wills.

The 19, which must submit resolution plans focusing on their U.S. operations, are:

* Canada's Bank of Montreal, Bank of Nova Scotia, Toronto-Dominion Bank and Royal Bank of Canada

* U.K.-based HSBC Holdings Plc and Standard Chartered Plc

* The Netherlands' Coöperatieve Rabobank UA

* Spain-based Banco Bilbao Vizcaya Argentaria SA and Banco Santander SA

* France-based BNP Paribas SA, Société Générale SA, Crédit Agricole SA and Groupe BPCE

* Japan's Sumitomo Mitsui Financial Group Inc., Mizuho Financial Group Inc., Mitsubishi UFJ Financial Group Inc. and Norinchukin Bank

* China's Bank of China Ltd. and Industrial & Commercial Bank of China Ltd.

The one-year extension, issued by the Federal Reserve and the Federal Deposit Insurance Corp., is for the purpose of addressing supervisory guidance.

The agencies also said they would permit India's Canara Bank and Venezuela-based Mercantil Servicios Financieros CA to file reduced-content resolution plans. Such plans focus only on major changes to previously submitted living wills and on actions to protect insured depository institutions from the risks of nonbank subsidiaries.