WASHINGTON — Federal regulators have agreed to extend deadlines for the living wills of dozens of foreign banks and two U.S. bank holding companies.

CIT Group, Citizens Financial Group and 19 foreign banks will now be able to file their resolution plans as late as Dec. 31, 2018, the Federal Reserve Board and Federal Deposit Insurance Corp. said Tuesday. The banks had originally been slated to file their living wills by the end of this year.

In addition, two smaller foreign banks, Canara Bank and Mercantil Servicios Financieros, will be allowed to file simpler versions of the living wills, or what the agencies called “reduced-content resolution plans,” which will focus on changes made to the banks’ structure over the filing period.

“The firms have submitted prior plans that provide the agencies with an understanding of their limited U.S. operations,” the regulators said.

Last June, the FDIC and Fed had announced they would allow the other 84 foreign banks to file similarly limited resolution plans.

Citizens Bank signage.
Citizens Financial Group was one of two U.S. bank holding companies to see their living will deadline extended. Bloomberg News

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Lalita Clozel

Lalita Clozel covers fintech regulation, anti-money-laundering, cybersecurity and the Federal Deposit Insurance Corp. in American Banker's Washington bureau.