US authorities explain living will review process

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The Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve Board today (June 29) announced the process for receiving and evaluating the initial resolution plans, also known as 'living wills', from the largest banking organisations operating in the US.

The deadline for the first of the plans, which describe a company's strategy for rapid and orderly resolution under the Bankruptcy Code in the event of material financial distress or failure of the company, has been set as July 2, 201

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