The Dodd-Frank Act requires certain large nonbank financial companies and bank holding companies with assets of US$50 billion or more to regularly prepare and submit a "resolution plan" to the US Financial Stability Oversight Council, the Board of Governors of the US Federal Reserve System and the US Federal Deposit Insurance Corporation that outlines the company’s plan for rapid and orderly resolution in the event of material financial distress or failure. Read here for details on which companies are subject to the resolution plan requirement, what must be in a resolution plan and what happens if there are deficiencies in the plan, as well as first steps a company should consider in preparing a resolution plan.
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