Federal Regulators: Living Wills Submitted by 5 Too-Big-To-Fail Banks Are ‘Not Credible’
“The actions the FDIC and the Federal Reserve are announcing today are a significant step forward in the use of the living will authority to require systematically important financial institutions to demonstrate they can fail in an orderly way under bankruptcy at no cost to taxpayers,” FDIC chairman Martin Gruenberg said in an April 13 statement.
A “living will” - a bank’s plan to wind down its affairs in an orderly fashion in case it fails - is required by law under Section 165(d) of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act.
Gruenberg stated, “For five firms – Bank of America, Bank of New York Mellon, JP Morgan Chase (JPMC), State Street, and Wells Fargo – the agencies have jointly determined that the plans are not credible or would not facilitate an orderly resolution under bankruptcy.”
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Too Big To Die?
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Too Big To Die?
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Re: Too Big To Die?
The assets do not cover the debts. It's mostly funds which are stated and not proven.
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