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State Street, Bank of NY Mellon Submit Living Wills to Fed

Thursday, 04 Oct 2012 11:43 AM

State Street Corp. and Bank of New York Mellon Corp. have submitted living wills to banking regulators, the Federal Reserve announced on Thursday.

The plans, which give regulators a map for winding down large U.S. banks, were mandated by the 2010 Dodd-Frank reform and seek to end too-big-to-fail bailouts by the government.

Nine banks had already submitted their plans, including Bank of America Corp and Citigroup Inc. Regulators said they had received the two new living wills by an Oct. 1 deadline.

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State Street Corp. and Bank of New York Mellon Corp. have submitted living wills to banking regulators, the Federal Reserve announced on Thursday.
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2012-43-04
Thursday, 04 Oct 2012 11:43 AM
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