Fed demands more detailed 'living wills'

federal reserve

Bank holding companies with operations in the US will be expected to produce more detailed resolution plans or 'living wills' in 2013, including more careful consideration of what could go wrong as failed banks are wound down.

A total of 11 US banks with more than $250 billion in assets, and foreign-owned banks with more than $250 billion in assets held in the US, submitted initial resolution plans last year. And according to the Dodd-Frank Act, they must now update these on a yearly basis

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