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)
Keywords: LIVING WILLS/FED