GAO suggested financial regulators to disclose more information on their crisis policy framework. While five large banks do not have enough plan to manage operation during crisis.
Federal Deposit Insurance Corporation
A dozen of the largest Wall Street banks on Monday published detailed plans to show how they would shut down their business during a crisis without the help of taxpayer money, a crucial step to prevent being broken up by regulators.
A group of top U.S. financial regulators urged banks to quickly fix their software to protect it against the "Shellshock" computer bug, saying it could expose them to fraud.
Financial information provider SNL Financial in a report said that the five largest lenders in US control 44.2% of the industry's assets. JPMorgan Chase & Co, Bank of America,Citigroup,Wells Fargo & Co, and US Bancorp have a total of $6.46 trillion in assets.
New data released by the US Federal Deposit Insurance Corporation reflected the increasing activity in structured products purchases by US banks to offset effects of low interest rates.
Subscribe to VCpost newsletter
Most Popular
- Doctors Raise Concerns Over Proposed Capital Gains Tax Changes
- How to Get IRS Unclaimed Tax Refunds: Here's What to Do If You Think You Have Pending Payments
- Tesla Shareholder Asks Judge to Prevent Elon Musk From Moving Pay Fight to Texas to Evade Delaware Ruling
- Celebrity Designer Nancy Gonzalez Jailed for Smuggling Crocodile, Python Handbags
- Kroger and Albertsons to Sell off 166 Stores in Effort to Gain Approval for Their $25 Billion Merger
- Where's My Child Tax Credit 2024: When to Receive My Money After April 15 Tax Filing Deadline?
- Illinois Woman, Who Mysteriously Drowned After Giving $1.5 Million to Online Romance Scammers, Knew She'd 'End up Dead'
- Biden Administration Announces New Federal Rules: Airlines Required to Automatically Give Refunds for Delayed, Canceled Flights