On September 13, 2011, the Federal Deposit Insurance Corporation (FDIC) approved a final rule implementing Section 165(d) of the Dodd-Frank Act which requires large and systematically important financial institutions to develop and maintain resolution plans, often referred to as “living wills.” As approved, the rule requires bank holding companies with assets of $50 billion or more and nonbank financial services companies designated as “Systemically Important Financial Institutions” to develop and maintain plans for their orderly resolution in the event they suffer financial distress or face failure. This Flash Report outlines the provisions of the rule and the implementation timetable.