Regulators give three non-banks more time for living wills

Wed Feb 18, 2015 3:35pm EST
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WASHINGTON (Reuters) - The Federal Reserve and the Federal Deposit Insurance Corporation gave three non-bank firms more time to submit plans that lay out how they can be wound down through bankruptcy in a crisis, the regulators said on Wednesday.

General Electric Capital Corporation (GE.N: Quote) and insurers Prudential Financial (PRU.N: Quote) and American International Group (AIG.N: Quote) were given until Dec. 31 of 2015 to submit the so-called living wills, instead of July 1, the regulators said.

The extension was consistent with that provided to other firms in previous years, the regulators said.

The living wills are a crucial part of the 2010 Dodd-Frank Act to reform Wall Street aimed at avoiding another costly taxpayer bail-out of systemically important firms.

(Reporting by Douwe Miedema; Editing by Sandra Maler)

A new sign is displayed over the entrance to the AIG headquarters offices in New York's financial district, January 9, 2013. REUTERS/Brendan McDermid