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ARTICLE · 26 APRIL 2016

US Government Accountability Office Issues Report On Resolution Plan Review Process By US Regulators

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On April 12, 2016, the US Government Accountability Office issued a report on the resolution plan review processes developed by the US Federal Deposit Insurance Corporation...

United StatesFinance and Banking
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On April 12, 2016, the US Government Accountability Office issued a report on the resolution plan review processes developed by the US Federal Deposit Insurance Corporation and the US Board of Governors of the Federal Reserve System. The report found that, although the resolution plan rule has improved the resolvability of large systemically important financial companies in the United States, the lack of transparency by US regulators regarding how the regulators assess and review plans could undermine public and market confidence in resolution plans.

Along with these findings, the GAO report issued a series of recommendations to improve the resolution review process. Among other recommendations, the GAO report encouraged the FDIC and Federal Reserve to publicly disclose information about their respective processes for assessing the credibility of resolution plans and revising the resolution plan rule's filing requirements in order to provide companies with more time

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