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VOL. 127 | NO. 130 | Wednesday, July 04, 2012

Big US Banks Submit "Living Wills" to Regulators

ALEX VEIGA | AP Business Writer

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Nine of the largest U.S. banks have submitted plans to the federal regulators that show how they would break up and sell off their assets if they are in danger of failing.

The Federal Deposit Insurance Corp. released summaries of the "living wills" on Tuesday for Bank of America, Barclays, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, JPMorgan Chase, Morgan Stanley and UBS.

The plans were required under the 2010 financial overhaul, which gave regulators the power to seize and dismantle banks that threaten the broader financial system.

The government did not have a plan for winding down troubled banks during the 2008 financial crisis. Instead, it provided taxpayer-funded bailouts to the banks.

More than 100 other banks are required to submit living wills by the end of next year.

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 73 391 11,120
MORTGAGES 88 481 13,903
FORECLOSURE NOTICES 0 0 2,278
BUILDING PERMITS 198 969 24,034
BANKRUPTCIES 54 288 8,432
BUSINESS LICENSES 29 126 3,771
UTILITY CONNECTIONS 67 536 13,457
MARRIAGE LICENSES 17 103 3,031

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