Jan. 10 (Bloomberg) -- U.S. banking regulators released public summaries of plans for how banks including U.S. Bancorp, Capital One Financial Corp. and PNC Financial Services Group Inc. could be restructured if they collapse.
Information from the “living wills” of 116 companies -- including non-U.S. banks such as Toronto-Dominion Bank, China Construction Bank Corp. and Bank of Montreal -- were released by the Federal Deposit Insurance Corp. and Federal Reserve today. The plans, required by the 2010 Dodd-Frank Act, represent the firms’ ideas for how they can be dismantled in a bankruptcy without threatening the wider financial system.
Banks whose summaries were posted today are those with qualifying nonbank assets of less than $100 billion. Bank holding companies with $250 billion or more in nonbank assets submitted initial plans in 2012 and follow-up plans in October of last year. The group with nonbank assets between $100 billion and $250 billion submitted plans in July.
--Editors: Gregory Mott, Anthony Gnoffo