Living Will for the Large Banks...They surely need given the recent suicidal developments

The Dodd-Frank Wall Street Reform and Consumer Protection Act requires that bank holding companies with total consolidated assets of $50 billion or more and nonbank financial companies designated by the Financial Stability Oversight Council for supervision by the Federal Reserve submit resolution plans annually to the Federal Reserve and the Federal Deposit Insurance Corporation (FDIC). Each plan must describe the company's strategy for rapid and orderly resolution under the Bankruptcy Code in the event of material financial distress or failure of the company.

So, finally we see the first round of Living wills (Resolution Plans) by 9 Banks. Essentially, although the information is not fully public, the plans talk about how the Banks can be wound up in case of bankcruptys without having any impact on the economic or using any taxpayers money. Ie banks are required to define a plan on how these banks can die peacefully without much ripple effect.

If you are interested to learn about some of the content, please click on the link below. Although, we did not find much material in these submissions. Maybe the real piece is in the confidential sections not made public.

http://www.federalreserve.gov/bankinforeg/resolution-plans.htm

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