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CORRECTED-Fed posts banks' 'living wills,' gives AIG, Prudential more time
July 5, 2017 / 8:46 PM / 4 months ago

CORRECTED-Fed posts banks' 'living wills,' gives AIG, Prudential more time

(Corrects last paragraph to show regulators have not yet given AIG and Prudential guidance on their plans)

NEW YORK, July 5 (Reuters) - U.S. bank regulators on Wednesday posted plans submitted by eight of the nation’s largest banks for how they could be dissolved in a crisis and gave American International Group, Inc and Prudential Financial an extra year to submit their plans.

Banks, including Bank of America, JPMorgan Chase and Goldman Sachs are required to regularly provide regulators with “living wills” for how they could be taken apart should they face collapse.

The Federal Reserve and the Federal Deposit Insurance Corporation posted public portions of those documents online after receiving them on July 1.

The Fed and the FDIC also gave insurers AIG and Prudential Financial until the end of next year to submit their living wills from an original deadline of the end of 2017. The extension was given to enable the companies to incorporate any guidance regulators may provide on their plans. (Reporting by Pete Schroeder; Editing by Carmel Crimmins and Dan Grebler)

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