Wednesday, February 18, 2015

FDIC Announces Extension of AIG, GE & Prudential "Living Will" Deadline

February 18, 2015  -- The FRB and FDIC announced the 6 month extension of a deadline to submit a resolution plan for American International Group, Inc. (NYSE: AIG), General Electric Capital Corporation, Inc. (NYSE: GE), and Prudential Financial, Inc. (NYSE: PRU). The resolution plan must describe the company's strategy for a "rapid resolution" to financial distress or failure. These resolution plans are required by the Dodd-Frank Act of all banking organizations with consolidated assets of over $50 billion, or "non-bank" institutions, as designated by the Financial Stability Oversight Council.

To view the original press release click here.