On September 13, the FDIC approved a final rule to be issued jointly with the Fed to implement Section 165(d) of the Dodd-Frank Act. The rule requires bank holding companies with assets of $50 billion or more and companies designated as systemically important by the FSOC to periodically report plans for rapid and orderly resolution upon material financial distress or failure. Submission deadlines are staggered based on asset size, with the first submissions due on July 1, 2012. FDIC Release.

The FDIC also approved an interim final rule, which becomes effective on January 1, 2012, to require insured depository institutions with $50 billion or more in assets to submit periodic contingency plans to the FDIC for resolution upon the institution’s failure. Comments must be submitted within 60 days after publication in the Federal Register. Interim Final Rule.