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News of the Competition (08/18/2014)
  • WASHINGTON (8/18/14)-- On Friday, t he Federal Reserve Board and the Federal Deposit Insurance Corp. provided additional guidance to 117 banks with less than $100 billion in nonbank assets as they prepare to resubmit resolution plans for a second time. The plans must outline the company's strategy for rapid and orderly resolution under the U.S. Bankruptcy Code in the event of material financial distress or failure of the company. Among the guidelines: A covered company must not rely on the provision of extraordinary support by the United States or any other government to the covered company or its subsidiaries to prevent the failure of the covered company. Thirty-one of the firms are required to file a full resolution plan that takes into account obstacles such as global issues, financial market utility interconnections, and funding and liquidity. Twenty-five firms with less complex U.S. operations can file tailored plans, use the model template issued by the agencies or follow previously released guidelines. Lastly, 61 firms with limited U.S. operations may focus on material changes to their initial plans. The second plans are due to the agencies on or before Dec. 31 ...


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