FDIC’s Hoenig seen as main threat to banks’ living wills
The FDIC vice-chair is “driving this agenda to reject the plans”, says one lawyer, but has lost a key ally in the agency's former director Jeremiah Norton
As the world's largest banks await the regulators' judgement on this year's living wills, it has emerged that the vice chairman of the Federal Deposit Insurance Corporation (FDIC), Thomas Hoenig, was the main reason the agency rejected the resolution plans submitted in 2013 as "not credible".
Under section 165 of the Dodd-Frank Act, the FDIC and the Federal Reserve are charged with reviewing and determining whether the resolution plans submitted annually by banks are credible or not.
"Tom Hoenig
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