The Federal Reserve Board and the FDIC, in a July 2 joint statement, announced that they have extended the next resolution plan filing deadline for 14 domestic financial services firms by one year, to December 31, 2019. The extension is intended to allow additional time for the agencies to provide feedback to the firms on their last submissions and for the firms to produce their next plan submissions. The Dodd-Frank-mandated resolution plans, commonly known as living wills, must describe the company's strategy for rapid and orderly resolution in the event of material financial distress or failure, and include both public and confidential sections. The largest, most complex banking organizations supervised by the Fed are required to file resolution plans by July 1 of each year, while other companies subject to the resolution planning rule generally are required to file by December 31 of each year. The 14 domestic firms receiving the extended deadline are: Ally Financial Inc., American Express Co., BB&T Corp., Capital One Financial Corp., Citizens Financial Group, Fifth Third Bancorp, Huntington Bancshares, Inc., KeyCorp, M&T Bank Corp., Northern Trust Corp., Regions Financial Corp., SunTrust Banks, Inc., PNC Financial Services Group, Inc., and US Bancorp.