U.S. banking regulators released public summaries of plans for how banks including U.S. Bancorp, Capital One Financial Corp. (COF:US) and PNC Financial Services Group Inc. (PNC:US) could be restructured if they collapse.
Information from the “living wills” of 116 companies -- including non-U.S. banks such as Toronto-Dominion Bank (TD), China Construction Bank Corp. (939) and Bank of Montreal -- were released by the Federal Deposit Insurance Corp. and Federal Reserve today. The plans, required by the 2010 Dodd-Frank Act, represent the firms’ ideas for how they can be dismantled in a bankruptcy without threatening the wider financial system.
Banks whose summaries were posted today are those with qualifying nonbank assets of less than $100 billion. Bank holding companies with $250 billion or more in nonbank assets submitted initial plans in 2012 and follow-up plans in October of last year. The group with nonbank assets between $100 billion and $250 billion submitted plans in July.
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