Regulators reject plans of 5 big U.S. banks for preventing another taxpayer bailout

April 13, 2016 12:14 PM

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Regulators reject plans of 5 big U.S. banks for preventing another taxpayer bailout

Federal regulators said Wednesday that five of the country’s largest banks, including JPMorgan Chase and Bank of America, still don’t have credible plans for winding down their operations without taxpayer help if they start to fail.

These so-called “living wills” are a critical requirement of the 2010 financial reform package, Dodd-Frank, aimed at a preventing a repeat of the taxpayer bailouts that took place during the financial crisis. The regulators found various problems with the plans submitted by Bank of America, Bank of ...

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