The effects of a merger can be beneficial to communities, enhancing the safety and soundness of a firm, and leading to significant public benefits. The consequences of getting these policies wrong can significantly harm communities, in some instances creating banking "deserts," especially in rural and underserved markets.3  Resolution Next, I would like to discuss resolution planning, or so-called living wills.
4 Each large banking organization is required to periodically submit a resolution plan to the Board of Governors and the FDIC, describing the organization's plan for an orderly resolution in the event of material financial distress or failure. The requirements for these plans are established by statute and regulation, with additional guidance published to give firms appropriate notice of regulatory expectations.