State Street, Bank of NY Mellon submit living wills to Fed
WASHINGTON, Oct 4 (Reuters) - State Street Corporation
and Bank of New York Mellon Corp have submitted living wills to banking regulators, the Federal Reserve announced on Thursday.
The plans, which give regulators a map for winding down large U.S. banks, were mandated by the 2010 Dodd-Frank reform and seek to end too-big-to-fail bailouts by the government.
Nine banks had already submitted their plans, including Bank of America Corp and Citigroup Inc . Regulators said they had received the two new living wills by an Oct. 1 deadline.
(Reporting By Alexandra Alper; Editing by Gerald E. McCormick)
((Alexandra.Alper@thomsonreuters.com)(202-310-5442))
Keywords: LIVING WILLS/FED
WASHINGTON, Oct 4- State Street Corporation. and Bank of New York Mellon Corp have submitted living wills to banking regulators, the Federal Reserve announced on Thursday. Nine banks had already submitted their plans, including Bank of America Corp and Citigroup Inc.