US living wills: more changes possible for foreign banks
Author: Danielle Myles | Published: 20 Sep 2011
Last week’s long-awaited US living
wills framework fell short of foreign banks’
principal demands, but their comments were "taken to heart" and
some key requests have been accommodated, according to US
The Federal Deposit Insurance Corporation (FDIC) adopted the
rule on September 13, but it’s not complete until
signed off by the Federal Reserve.
In the past the FDIC has proposed joint rules long before the
other regulators, which have tweaked the FDIC proposal before
becoming final, giving hope to foreign banks that the Federal
Reserve may make further changes.
A Federal Reserve spokesperson told IFLR the bank regulator
doesn’t yet have a timetable for looking at the
living wills rule, issued in March, was strongly contested
in the international banking community because its filing
threshold of $50 billion in assets was based on global, not US
Foreign banks asked for...