Fed and FDIC living wills 'wholly misunderstood' by US banks

First-wave filers unclear on regulators' resolution expectations

Alternative lending on the up but confusion persists

US banks have misunderstood what is expected of their resolution plans, an expert warns. The comments come after the US Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve released a joint statement criticising the resolution plans of the 11 US banks – or 'first-wave filers' – that submitted plans in 2013.

The regulators identified a number of key weaknesses in the banks' resolution plans, which they described as "not credible". They added that these plans, also known as living

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