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Fed allows smaller banks more time to file 'living wills'

Published 07/02/2018, 12:07 PM
Updated 07/02/2018, 12:20 PM
© Reuters. FILE PHOTO: The Federal Reserve Building in Washington

By Katanga Johnson

WASHINGTON (Reuters) - The Federal Reserve Board on Monday said 14 smaller U.S. banks will have more time to submit resolution plans, known as 'living wills', in the event a financial crisis pushed a bank towards default.

The banks have less than $100 billion in assets and will have until December 31, 2019 to file with the Fed. The banks include American Express Company (NYSE:AXP) and Capital One Financial Corporation (NYSE:COF) in addition to Ally Financial Inc., SunTrust Banks (NYSE:STI), Inc. and The PNC Financial Services Group (NYSE:PNC), Inc.

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