SR 14-1


The financial crisis of 2008-09 prompted the Fed to implement new rules and regulations for the banking industry to ensure solvency in the case of a distressed economy.  Dodd-Frank, signed in 2010 was the most significant set of new financial regulations in many years, improving accountability and transparency in the financial system to protect the American taxpayer by ending bailouts and to increase control over the business practices of the financial services industry.


SR 14-1, also known as “Recovery and Resolution Preparedness” also provides regulators insight into how a “systemically important financial institution” (SIFI) can recover in a stressed economic scenario.


It requires an “Annual Resolution and Recovery Plan” to be submitted to FRB, FDIC, and FSOC, with the first phase of submissions being required from the largest SIFIs on July 2017.

Items required for the recovery plan include the following:


  • Info in third-party contracts, including the provider, provider’s location, service(s), provided, legal entities that are a party to or a beneficiary of the contract, and key contractual rights
  • Legal agreement information, including parties to the agreement and key terms and interdependencies
  • Service level agreements between affiliates
  • Agreements and other legal documents related to property, technology systems, software, and IP rights
  • Updated legal records for domestic and foreign entities
  • Guarantees, cross-holdings, financial commitments and other transactions between material entities


To extract this information out of contracts, organizations can use Seal or they can manually review each contract and record the data on separate sheets.


Seal can discover all relevant contracts and through its analytics capabilities, extract and present all the data necessary for inclusion into the Annual Resolution and Recovery Plan.  Using Seal for SR 14-1 will save large banking institutions significant time and money, and minimize the disruption and resources when working toward compliance.


To learn how Seal can help specifically with QFCs visit our QFC Insight Accelerator page.

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