The rule, which the agency began drafting before the completion of the Dodd-Frank Act, would apply to 37 banks and thrifts, according to a senior FDIC official. Thirty four of those firms would be required to file resolution plans with the Fed because of the size of their parent company.
The rule would have an effective date of Jan. 1, 2012, and would be subject to a 60-day public comment period.
"The real hard work is just beginning," said Thomas Curry, an FDIC board member nominated by President Barack Obama to serve as comptroller of the currency. "In terms of the actual development and review of the respective resolution plans, I think it's critically important that the agencies exercise substantial judgment and review these plans in a thorough and balanced manner."