U.S. Markets

Fed allows smaller banks more time to file 'living wills'

FILE PHOTO: The Federal Reserve Building stands in Washington April 3, 2012. REUTERS/Joshua Roberts/File Photo

WASHINGTON (Reuters) - The Federal Reserve Board on Monday said 14 smaller U.S. banks will have more time to submit resolution plans, known as ‘living wills’, in the event a financial crisis pushed a bank towards default.

The banks have less than $100 billion in assets and will have until December 31, 2019 to file with the Fed. The banks include American Express Company and Capital One Financial Corporation in addition to Ally Financial Inc., SunTrust Banks, Inc. and The PNC Financial Services Group, Inc.

Reporting by Katanga Johnson; Editing by Chizu Nomiyama