Heath Tarbert and Sylvia Mayer Quoted on Upcoming Living Will Submissions
On June 25, 2012, Heath Tarbert, partner and head of Weil’s Financial Regulatory Reform Working Group, and Sylvia Mayer, a partner in the Business Finance & Restructuring practice in Weil’s Houston office, were each quoted in the current issue of American Banker regarding the July 1 first round deadline for certain financial institutions to submit so-called “living wills” to resolve their affairs if the institution faced material distress or failure. Tarbert was quoted as saying: “In many ways, this first round is probably a little bit less about potential resolution than it is about how these organizations are structured . . . [t]he goal over time will be to have the various scenarios built into the overall plan.” Mayer added that “As no one has ever done this before, this first round of filing will effectively set the floor for this process . . . [t]he regulators have said informally that with this first round, nobody is going to fail. But after these first submissions, regulators are going to have expectations.” The article, entitled “Banks’ Living Wills Face First Critical Test,” was written by Joe Adler and appears in the June 25th, 2012 issue of American Banker.