Memorandum of Understanding Concerning Consultation, Cooperation and the Exchange of Information Related to the Resolution of Insured Depository Institutions with Cross-Border Operations ...

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On January 22, 2010, the Federal Deposit Insurance Corporation (FDIC) and the Bank of England (BOE), the two governmental bodies with resolution authority for insured depository institutions in their respective countries, announced that Governor Mervyn King and FDIC Chairman Sheila Bair signed a Memorandum of Understanding (MOU), expanding the cooperation between the FDIC and the BOE in dismantling troubled deposit-taking financial institutions with activities in the United States and the United Kingdom.

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Published In: General Business Updates, Finance & Banking Updates, International Trade Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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