Monday, June 5, 2023

Credit Suisse and BNP cited by US for issues in living wills

(Bloomberg) — U.S. regulators found issues with a roadmap drawn up by Credit Suisse Group AG and BNP Paribas SA on how they could be put to rest after a hypothetical recession.

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According to the Federal Reserve and the Federal Deposit Insurance Corporation, Credit Suisse’s so-called stay had deficiencies related to cash-flow forecasting capabilities and governance for the bank’s US operations. regulators said on Friday.

The Feedback Letters are based on the agencies’ reviews of Living Wills submitted in 2021. These resolution plans were mandated as part of the Dodd-Frank Act passed after the 2008 financial crisis.

Regulators requested that Credit Suisse submit a revised resolution plan for its US operations by May 31, indicating that governance weaknesses have been addressed.

In the statement, Credit Suisse said it is “committed to addressing the issues raised within the required time frame.” The lender said it “has taken and continues to take significant steps to enhance its resilience, including investments in controls, processes and technology.”

BNP representatives did not immediately comment.

(Updated with Credit Suisse comment in fifth paragraph)

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