FDIC Signs Memorandum of Understanding with the People's Bank of China
The FDIC announced the signing of a Memorandum of Understanding ("MOU") between the agency and the People's Bank of China ("PBOC"). The intent of the MOU is to: (i) extend the parties' international working relationship in the areas of deposit insurance and resolution, (ii) develop and expand the interaction between the FDIC and the PBOC, and (iii) demonstrate a shared commitment to cooperation among banking agencies.
The MOU also seeks to enhance cooperation on cross-border financial institution recovery and resolution issues, as well as planning for potential recovery and resolution scenarios.