Banking Law News

Wall Street Banks Told by U.S. to Include Covid in Living Wills

July 1, 2020, 8:00 PM

The next resolution plans submitted by the eight largest and most complex U.S. banks must include details on how lenders have responded to coronavirus, the Federal Deposit Insurance Corp. and Federal Reserve say in Wednesday statement.

  • The 2021 living wills, which are due July 1 of next year, must detail how each firm has integrated changes due to the pandemic and the lessons they have learned in responding to it, FDIC and Fed say
  • The 2021 resolution plans will also be required to include core elements of the firm’s resolution plans, such as capital, liquidity and recapitalization strategies, according to...

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