financial firms bankruptcy News

U.S. regulators need to complete a comprehensive bankruptcy program implementation to allow large financial institutions to unwind in the event they fail, rather than depend on government interventions, a top Fed official said on Oct. 10. Richmond Federal Reserve Bank …

Eighteen global banks have agreed to swaps contract changes designed to work with government rules for unwinding failed firms, a step that may help end the view that some financial companies are “too big to fail.” Counterparties of banks involved …