By Denny Jacob

 

The Federal Reserve Board and the Federal Deposit Insurance Corp. on Friday said they identified two deficiencies in a 2021 plan submitted by Credit Suisse Group AG pertaining to a resolution planning cash flow forecasting capabilities and governance for its U.S. operations.

The agencies said they are requesting the Swiss bank resubmit a revised resolution plan for its U.S. operations by May 31 that demonstrates the governance weaknesses have been addressed and that its next plan, due by July 2024, demonstrates the cash flow forecasting weaknesses have been remediated.

The agencies also said they identified a shortcoming in BNP Paribas SA's 2021 plan related to its continuity in resolution of the bank's securities repurchase agreement activity for its U.S. operations.

The resolution plans must describe a financial company's strategy for rapid and orderly resolution in bankruptcy in the event of its material financial distress or failure, the agencies said.

The agencies' joint review assessed resolution plans for 71 domestic and foreign banking organizations.

 

Write to Denny Jacob at denny.jacob@wsj.com

 

(END) Dow Jones Newswires

December 16, 2022 17:18 ET (22:18 GMT)

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