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
The proposed 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 operations.
Foreign banks asked for the requirement to...