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Bank of America Corporation Resolution Plan
Bank of America, N.A. Resolution Plan
FIA Card Services, N.A. Resolution Plan
Public Executive Summary
Bank of America Corporation Resolution Plan
Table of Contents
Section Page
Introduction and Summary of Resolution Strategy 3
I. Names of Material Entities 7
II. Description of Business Segments 10
III. Summary Financial Information Regarding Assets, Liabilities, Capital and 12
Major Funding Sources
IV. Description of Derivatives and Hedging Activities 21
V. Memberships in Material Payment, Clearing and Settlement Systems 26
VI. Descriptions of Foreign Operations 31
VII. Material Supervisory Authorities 33
VIII. Principal Officers 34
IX. Resolution Planning Corporate Governance Structure and Processes 36
Related to Resolution Planning
X. Description of Material Management Information Systems 38
XI. High-level Description of Resolution Strategy 39
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Bank of America Corporation Resolution Plan
Bank of America Corporation and its subsidiaries (Bank of America, the Corporation
or the Company) developed Resolution Plans for Bank of America Corporation, Bank
of America, N.A., and FIA Card Services, N.A. (the Plan) as required of all large
financial institutions under:
The Board of Governors of the Federal Reserve System's (Federal Reserve's)
and Federal Deposit Insurance Corporation's (FDIC's) Joint Resolution Plan
Rule as required under Title I, Section 165(d) (165(d)), of the Dodd-Frank Wall
Street Reform and Consumer Protection Act; and
The FDIC's Resolution Plan Rule for Covered Insured Depository Institutions
(CIDI Rule).
The Plan is required by a provision of the Dodd-Frank Wall Street Reform and
Consumer Protection Act, which mandates that bank-holding companies with assets of
$50 billion or more develop a contingency plan for orderly liquidation. The purpose of
this provision is to provide bank regulators with plans that would enable them to
liquidate failing financial companies that pose a significant risk to the financial stability of
the United States in a manner that mitigates such risk and minimizes moral hazard and
obviates the need for taxpayer support, which is prohibited in the legislation.
The Plan has been submitted to the Federal Reserve and the FDIC, and provides a
detailed roadmap for the orderly resolution of Bank of America under a hypothetical
The Plan contemplates a resolution strategy in which Bank of America's U.S. banking
subsidiaries, including Bank of America, N.A. and FIA Card Services, N.A., under a
hypothetical resolution scenario, would be placed into FDIC receiverships. Certain
assets and liabilities would be transferred to a bridge bank that would, subject to certain
assumptions, emerge from resolution as a viable going concern. Bank of America's
other material entities would be wound down in an orderly manner, subject to certain
assumptions. In addition, the Plan includes strategies designed to ensure continuity of
certain core business lines and critical operations during the hypothetical resolution of
certain Bank of America entities. The strategies incorporate the importance of continued
access to critical services including, but not limited to, technology, employees, facilities,
intellectual property and supplier relationships.
Bank of America maintains a strong balance sheet and strong risk management
policies. The Company is achieving these goals with a well-defined strategy, and clearly
articulated operating principles that include strong and consistent levels of liquidity,
capital, earnings and operating performance. Since the beginning of 2010, Bank of
America has pursued a strategy to align all of the Company's resources around three
core customer groups - individuals, companies and institutional investors. To support
that strategy and drive how the Company manages its businesses and balance sheet
the company has adopted six Operating Principles.
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Where do I send my estate documents to bank of America? You can take the document to any Bank of America financial center, fax it to 866.694.9046 or mail it using the enclosed envelope. If you misplace the envelope we provided, mail the documents to: Bank of America – Estate Unit P.O. Box 31655 Tampa, FL 33631-1655 Will Bank of America ask for anything else?