Foreign Banks Get Good Marks, Extensions On 'Living Wills'

Law360 (July 26, 2019, 9:17 PM EDT) -- Federal regulators said Friday that they didn't find any significant flaws with the most recent batch of "living wills" submitted by more than 80 foreign banks, but a decision to bump back filing deadlines for them and a collection of other big banks drew opposition from a former head of the Federal Deposit Insurance Corp.

The Federal Reserve Board and FDIC said the resolution plans submitted last year by 82 foreign banks, including megabanks such as BNP Paribas, Royal Bank of Canada and Bank of China, were found to have no weaknesses that the banks would be required to address. These...

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