US living wills must include ‘lessons learned’ from Covid-19

Federal Reserve

Systemically important banks in the US will be required to include “lessons learned” from the Covid-19 crisis in their 2020 resolution plans, the Federal Reserve announced on July 1.

The joint move by the Fed and the Federal Deposit Insurance Corporation follows changes made to the resolution plan framework in 2019, which is often referred to as a “living will”. Under the new regulations, banks must alternate every year between submitting a “full” and “targeted” resolution plan to the

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