US, Canada Reach Agreement On Winding Down Big Banks

Law360, New York (June 12, 2013, 1:41 PM EDT) -- U.S. and Canadian regulators on Wednesday announced an agreement to work in concert to unwind large banks with operations in both countries that fail.

The memorandum of understanding signed by the Federal Deposit Insurance Corp. and the Canada Deposit Insurance Corp. is part of a broader effort among international regulators to have a plan in place to avoid jurisdictional battles over scarce resources in the event a global bank's failure.

"This agreement is another step in the significant effort underway by the FDIC to engage with...
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