8-KRegulation FD

STATE STREET CORP 8-K Report, Regulation FD Disclosure (Jul 6, 2015)

Filed July 6, 2015For Securities:STTSTT-PG

Summary

State Street Corporation (STT) filed an 8-K on July 6, 2015, to disclose information regarding its 2015 resolution plan, also known as a "living will." As a large bank holding company, State Street is required by the Dodd-Frank Act to submit such plans to the Federal Reserve and the FDIC, outlining how it would be resolved in an orderly manner during times of financial distress. The company submitted its 2015 resolution plan to regulators on July 1, 2015. The filing indicates that the public sections of these plans, which provide an overview of the company's business, systemic importance, resolution strategy, and efforts to improve resolvability, would be released by the Federal Reserve and FDIC on or after July 6, 2015. State Street also announced its intention to make the public section of its own plan available on its corporate website following the regulatory release.

Key Highlights

  • 1State Street submitted its 2015 resolution plan (living will) to the Federal Reserve and FDIC on July 1, 2015.
  • 2The resolution plan is a requirement under Section 165(d) of the Dodd-Frank Act for large bank holding companies.
  • 3The public section of the plan details State Street's business, systemic significance, and resolution strategy.
  • 4The Federal Reserve and FDIC are set to release the public sections of these plans on or after July 6, 2015.
  • 5State Street will make the public section of its resolution plan available on its corporate website after the regulatory release.

Frequently Asked Questions

A resolution plan, often referred to as a 'living will,' is a document that large financial institutions, such as bank holding companies with over $50 billion in assets, must submit to regulators. It outlines how the company would be resolved in an orderly manner in the event of material financial distress or failure, aiming to minimize disruption to the financial system.

State Street is filing this 8-K to inform investors that it has submitted its 2015 resolution plan to the Federal Reserve and the FDIC and to announce the upcoming public release of this plan, along with its availability on State Street's corporate website.

The public section of State Street's 2015 resolution plan is expected to be posted on the Federal Reserve's website (www.federalreserve.gov) and the FDIC's website (www.fdic.gov) no earlier than July 6, 2015. Following that release, State Street plans to make it available on its own corporate website at www.statestreet.com/stockholder under the 'Filings & Reports' section.

No, this filing does not indicate current financial distress. Submitting a resolution plan is a routine regulatory requirement for large bank holding companies under the Dodd-Frank Act, designed to ensure a stable financial system by preparing for potential future contingencies.