The U.S. Federal Reserve and the Federal Deposit Insurance Corp identified problems in the so-called living wills of Credit Suisse Group AG and BNP Paribas SA detailing how the banks' U.S. operations would be unwound in the event of bankruptcy.
The regulators identified deficiencies in Credit Suisse's U.S. governance and cash flow forecasting, according to a statement on Friday. The inadequacies raised questions about the bank's commitment to executing its resolution strategy, they said.
The Fed and FDIC were unable to assess the feasibility of Credit Suisse's plan because it lacked detail and necessary information, they said. The weaknesses also indicate a "lack of appropriate internal review and coordination" before the plan was submitted.
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