'Living wills' for 5 of 8 largest banks in the US dubbed insufficient
Posted: April 15, 2016
On Wednesday, Bank of America, Wells Fargo, JP Morgan Chase, BNY Mellon, and State Street all provided plans for crisis-time operations that were dubbed insufficient by the Fed and FDIC. The 'living will' requirement was established as part of the Dodd-Frank financial regulation reforms that followed the 07-08 financial crisis.
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