UPDATE 1-Bank of Canada takes aim at Dodd-Frank on bank failures

June 25, 2015 4:12 PM

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WINDSOR, Ontario, June 25 (Reuters) - The Bank of Canada, frustrated by unilateral U.S. moves which regulate Canadian banks with U.S. subsidiaries, called on Thursday for the possible adoption of a bilateral agreement to clarify responsibilities in winding up failed banks.

Deputy Governor Lawrence Schembri took aim at the U.S. financial reforms under the Dodd-Frank Act of 2010, which required U.S. subsidiaries of big international banks to meet separate capital and liquidity requirements inside the United States, in order to deal with possible bank failures.

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