FDIC Announces Agreement with Canadian Counterpart on Cross-Border Bank Resolution

FDIC Bank Resolution

On June 12, the FDIC announced the signing of a memorandum of understanding (MOU) with the Canada Deposit Insurance Corporation to formalize existing efforts between the two regulators to cooperate on effective resolution planning in the event of the failure of large, complex financial institutions that maintain operations in both countries. The MOU provides a framework for the parties to consult and share resources and information when addressing a bank resolution, and contemplates future coordination on related policy issues.