Regulators give three non-banks more time for living wills

WASHINGTON (Reuters) - The Federal Reserve and the Federal Deposit Insurance Corporation gave three non-bank firms more time to submit plans that lay out how they can be wound down through bankruptcy in a crisis, the regulators said on Wednesday.

General Electric Capital Corporation and insurers Prudential Financial and American International Group were given until Dec. 31 of 2015 to submit the so-called living wills, instead of July 1, the regulators said.

The extension was consistent with that provided to other firms in previous years, the regulators said.

The living wills are a crucial part of the 2010 Dodd-Frank Act to reform Wall Street aimed at avoiding another costly taxpayer bail-out of systemically important firms.

(Reporting by Douwe Miedema; Editing by Sandra Maler)