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Inside Washington (06/29/2012)
  • CHICAGO (7/2/12)--The Federal Deposit Insurance Corp. (FDIC) and the Federal Reserve Board Friday outlined the process for receiving and evaluating initial resolution plans--known as living wills--from big banks. Companies subject to the rule are required to file their initial resolution plans in three groups on a staggered schedule. Firms in the first group, which includes U.S. bank holding companies with $250 billion or more in total nonbank assets and foreign-based bank holding companies with $250 billion or more in total U.S. nonbank assets, must submit their initial resolution plans by today. The group includes Bank of America, Barclays, Citibank, Credit Suisse, Deutsche Bank, Goldman Sachs, JPMorgan Chase, Morgan Stanley and UBS. The Dodd-Frank Act requires that bank holding companies with assets of $50 billion or more and nonbank financial companies designated by the Financial Stability Oversight Council for supervision by the Federal Reserve submit resolution plans annually to the FDIC and the Federal Reserve. Each plan must describe the company's strategy for rapid and orderly resolution under the Bankruptcy Code in the event of the company's material financial distress or failure. By regulation, the plans must be divided into a public section and a confidential section. The public section of the plans will contain detailed information to allow the public to understand the business of the covered company. The FDIC and the Fed said they will release the public section of the resolution plans on Tuesday, with preliminary reviews of the plans to be completed within 60 days …


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