Two U.S. banking regulators signed off on Tuesday on 'living wills' su...
Under rules established following the 2007-2009 financial crisis, large banks are regularly required to detail how they could be quickly and safely taken apart in a crisis. These resolution plans, commonly known as “living wills,” are assessed by regulators to see if they are feasible.
If banks cannot get regulators to sign off on their plans, they could face additional restrictions on their business activities or even be ordered to divest. Banks originally had to submit the plans annually, but regulators decided in October to ease that requirement after banks argued it was too onerous and regulators could not assess the complex documents on such a schedule. Now, large U.S. banks can submit simpler plans every two years, and a full resolution plan every four years.
The last time large U.S. banks had such plans tested, regulators identified shortcomings with four of the banks’ plans. They announced Tuesday that those shortcomings, from plans submitted by Bank of America, Goldman Sachs, Morgan Stanley and Wells Fargo, had been addressed.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Opinion: Trump shakedowns are threatening two key U.S. alliances in AsiaThe administration has demanded five times as much from South Korea to support troops stationed there, and is likely to make similar demands on Japan.
Read more »
A young version of Jamie appears in first two minutes of Outlander season 5Outlander season 5 won't air until February 2020, but the first two minutes have been released early
Read more »
U.S. Expelled Two Chinese Embassy Officials Suspected of EspionageThe pair and their wives improperly drove onto a sensitive U.S. military facility in Virginia in September, two U.S. officials familiar with the matter said.
Read more »
Fury splits with trainer two months before Wilder boutBritish boxer Tyson Fury has split with trainer Ben Davison and teamed up with J...
Read more »
Two Georgia teenagers arrested in weekend mall shootingPolice say they have arrested two teenagers in connection with a shooting that wounded one man in a busy suburban Atlanta mall food court in the height of the Christmas shopping season
Read more »
Two Weddings and a Premiere: ‘Star Wars’ Fans and Movie Theaters Prepare for ‘Rise of Skywalker’For those who know Texas resident Andy Forbes and his fiancé Wendee, it comes as little surprise that their first act as newlyweds will be watching a “Star Wars” movie. She’ll be …
Read more »