Browsing: Living wills

Economy

In a letter to FDIC Chairman Martin Gruenberg and Federal Reserve Vice Chairman for Supervision Randal Quarles today, ABA encouraged regulators to extend the filing date for upcoming resolution plan — or “living will” — submissions and to consider moving to a biennial schedule generally for banks that are required to submit resolution plans under the Dodd-Frank Act.

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The House today voted unanimously to pass the American Bankers Association-supported H.R. 4292, which would extend the submission cycle for large bank resolution plans — also known as “living wills” — to once every two years and require timely regulator feedback.

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The FDIC and Federal Reserve announced today that they had reviewed resolution plans submitted in December 2015 by 16 regional and credit card banks and that none were found “not credible” or inadequate to facilitate an orderly resolution under the Bankruptcy Code.

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In the latest round of public feedback on the “living wills” or resolution plans that the largest banks file to demonstrate they can be wound down in an orderly way, the Federal Reserve and FDIC today deemed the plans filed by Bank of America, the Bank of New York Mellon, J.P. Morgan Chase, State Street and Wells Fargo “not credible” or inadequate to facilitate an orderly resolution under the Bankruptcy Code.