WASHINGTON–U.S. regulators released plans by the nation’s largest financial firms detailing how they might dismantle themselves in the event of another financial crisis.
The so-called “living wills,” a requirement of the 2010 Dodd-Frank law, are intended as a blueprint to help regulators understand what to do in the event a financial firm faces collapse.
For the first time this year, three nonbank firms, American International Group, Inc., Prudential Financial Inc., and General Electric’s Co’s financing arm, GE Capital, submitted their plans to regulators. Those companies were brought under Federal Reserve oversight last year after being designated as “systemically important”.