Fed and FDIC living wills 'wholly misunderstood' by US banks
US banks remain unclear on what is expected of their resolution plans after submitting plans in 2013 that the Fed and FDIC rejected last week as unworkable
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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