WASHINGTON--U.S. regulators released plans by the nation's
largest financial firms detailing how they might dismantle
themselves in the event of another financial crisis.
The so-called "living wills," a requirement of the 2010
Dodd-Frank law, are intended as a blueprint to help regulators
understand what to do in the event a financial firm faces
collapse.
For the first time this year, three nonbank firms, American
International Group, Inc., Prudential Financial Inc., and General
Electric's Co's financing arm, GE Capital, submitted their plans to
regulators. Those companies were brought under Federal Reserve
oversight last year after being designated as "systemically
important".
Eleven large banks filed the third drafts of their plans.
However, the banks have yet to receive a formal, individual
critique on last year's round of living wills. Regulators say they
are working on the feedback.
Write to Ryan Tracy at ryan.tracy@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires