Fed demands more detailed living wills
Cross-border issues added to 2013 living will requirements
Bank holding companies with operations in the US will be expected to produce more detailed resolution plans – so-called living wills – in 2013, including more careful consideration of what could go wrong as failed banks are wound down.
A total of 11 US banks with more than $250 billion in assets and foreign-owned banks with more than $250 billion in assets held in the US submitted initial resolution plans last year. According to the Dodd-Frank Act, they must now update these on a yearly basis
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