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Fed says wants 'living wills' from CIT, Citizens Financial by year-end

WASHINGTON (Reuters) - The Federal Reserve on Thursday said it expected two large lenders, CIT Group Inc and Citizens Financial Group Inc, to offer ‘living will’ paperwork by the end of 2018.

Large lenders must explain to regulators how they would unwind their business in the event of bankruptcy. The ‘living will’ rules are meant to prevent a future government bailout of Wall Street.

Reporting By Patrick Rucker and Pete Schroeder; Editing by Chizu Nomiyama

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