Federal Reserve and FDIC release resolution plans, also known as living wills

by Sabrina I. Pacifici on October 4, 2012

News release includes links to public section resolution plan bank documents: “The Dodd-Frank Wall Street Reform and Consumer Protection Act requires that bank holding companies with total consolidated 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 Federal Reserve and the Federal Deposit Insurance Corporation (FDIC). Each plan, commonly known as a living will, must describe the company’s strategy for rapid and orderly resolution under the Bankruptcy Code in the event of material financial distress or failure of the company.”

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