Although the industry's track record when it comes to Dodd-Frank implementation is hardly noteworthy, its war-game to test regulators' new powers to seize and dismantle a megabank is not only fascinating, it's exemplary.
The Clearing House Association, a trade group comprised of the 18 largest banks, spent 10 months and $2 million to plan a simulation of a large bank failure, a bold and massive undertaking.
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