FDIC Chairman Gruenberg Speaks to Volcker Alliance Program
Federal Deposit Insurance Corporation ("FDIC") Chairman Martin J. Gruenberg gave a speech before the Volcker Alliance Program in Washington, DC, to discuss the FDIC's strategy under the Dodd-Frank Act for the resolution of systemically important financial institutions. Chairman Gruenberg reviewed the FDIC's progress in overseeing the filing of "living wills" by covered companies pursuant to Title I of the Dodd-Frank Act, as well as the FDIC's development of its capability to carry out a resolution under Title II. He added that the FDIC has plans to release a description of its proposed resolution process later this year for public comment. Chairman Gruenberg also discussed international regulatory efforts, noting in particular the collaboration between domestic regulators and those of the United Kingdom, Switzerland and Germany.