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.