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November 25, 2013

FDIC Watchdog Cites Progress, Challenges in Systemic Resolution Work

The Federal Deposit Insurance Corp.’s chief watchdog is urging stronger coordination between agency divisions to carry out Dodd-Frank Act responsibilities dealing with the resolution of failed behemoths.

The agency’s inspector general said in a report Friday that while the FDIC has made “significant progress” implementing its new liquidation powers for systemically important financial institutions, “more work remains to be done to establish a robust corporate-wide capability for this critical responsibility.”

Improving coordination between the Office of Complex Financial Institutions — which the agency created following Dodd-Frank’s enactment to focus on the new resolution platform — and other more-established divisions within the FDIC was among several recommendations issued by the IG. The report also called for enhancing the long-term strategic planning for the new resolution duties and expanding the OCFI’s infrastructure.”

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Read full American Banker article here

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