FDIC Announces Memorandum of Understanding with Canada Deposit Insurance Corporation

The Federal Deposit Insurance Corporation announced the signing of a memorandum of understanding ("MOU") with the Canada Deposit Insurance Corporation ("CDIC") which formalizes and strengthens cross-border cooperation in the event of the failure of a large, complex financial institution operating in both countries. The MOU was signed Tuesday evening in Ottawa by CDIC President and CEO MichÉle Bourque and FDIC Chairman Martin J. Gruenberg.

See: Bilateral Resolution Memorandum of Understanding with the Canada Deposit Insurance Corporation.