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Agencies send megafirms back to drawing board on living wills
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Banking, Financial Stability
Friday, August 8, 2014
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The nation’s 11 largest banking and financial institutions sent regulators the latest versions of their resolution plans, or living wills, and the government’s assessment is not good news. According to the Federal Reserve System and the Federal Deposit Insurance Corp., the plans “are not credible and do not facilitate an orderly resolution under the U.S. Bankruptcy Code.” Read on to find out where the plans fall short and what the companies must do to correct the deficiencies.
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