Banks Face July 1 Living Wills Deadline
LINDA WERTHEIMER, HOST:
NPR's business starts with living wills for banks.
The nation's biggest banks are getting ready to file plans with the government for how they would unwind their assets if they were to fail. The plans are called living wills. Regulators want to avoid the type of damage the collapse of Lehman Brothers had on the financial system. Big banks have a July 1st deadline to submit their living wills to the Federal Reserve and FDIC. Transcript provided by NPR, Copyright NPR.