September 28, 2017 / 8:48 PM / 3 years ago

U.S., foreign banks given one-year extension to submit 'living wills' - Federal Reserve

WASHINGTON (Reuters) - Eight of the largest U.S. banks and 82 foreign banks will have an extra year to submit their so-called living wills outlining how they would be unwound in the event of bankruptcy, the Federal Reserve said on Thursday.

The eight domestic U.S. banks granted the extension are Bank of America Corp, Citigroup Inc, Goldman Sachs Group Inc, JP Morgan Chase & Co, Morgan Stanley, State Street Corp and Wells Fargo & Co.

Under the Dodd-Frank reform act, the largest U.S. banks must present plans that explain how they would be unwound in the case of a financial crisis without shaking the broader economy.

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