Regulators to Say Some U.S. Banks’ Living Wills Flawed: WSJ
(Bloomberg) -- U.S. regulators preparing to tell some U.S. banks they submitted flawed “living wills,” or plans detailing how they’d handle potential bankruptcies, WSJ reports, citing people familiar.
- Banks said to include JPMorgan; at least half of 8 banks named “systemically important” by regulators seen receiving harsh verdict on living wills
- Move could raise prospect of higher capital requirements or other sanctions
- Verdict by Fed, FDIC not yet final and could change; findings to be made public “soon”
- Fed board set to hold meeting Tuesday afternoon to discuss matter: person familiar
- Representatives for Fed, FDIC, JPM declined to comment to WSJ
- NOTE: Feb. 22, Biggest U.S. Banks Fight Back Against Fed’s Too-Big-to-Fail Plan
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