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Share Name | Share Symbol | Market | Type |
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Northern Trust Corporation | NASDAQ:NTRS | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
1.12 | 1.34% | 84.62 | 78.74 | 100.49 | 84.85 | 84.025 | 84.67 | 927,129 | 05:00:07 |
By Ryan Tracy
WASHINGTON -- U.S. regulators gave 15 regional banks a passing grade on their "living will" plans for bankruptcy, a victory win for those firms that demonstrates how their regulatory environment is significantly less stressful than for the largest U.S. banks.
The verdicts from the Federal Reserve and Federal Deposit Insurance Corp. means regional banks -- including U.S. Bancorp, PNC Financial Services Group Inc., and Capital One Financial Corp. -- have for the moment satisfied regulators that they have feasible plans for going through bankruptcy without needing a taxpayer bailout.
The plans, known as "living wills," are required under the 2010 Dodd-Frank financial law. The exercise is significant for banks because if regulators don't approve of them, sanctions such as higher capital requirements or forced breakups can be imposed. This is the first time regulators have issued a judgment about regional banks' plans. The firms will have to continue submitting updated plans in the future.
The one exception Friday was Northern Trust Corp. Regulators said they concluded that firm has "a number of shortcomings" in its living will, related to the funding and internal services available to keep the firm operating during a bankruptcy. They required the firm to address the perceived shortcomings by the end of this year.
Write to Ryan Tracy at ryan.tracy@wsj.com
(END) Dow Jones Newswires
March 24, 2017 09:30 ET (13:30 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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