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Regulators update living will expectations for CIT, Citizens Financial

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Regulators update living will expectations for CIT, Citizens Financial

Federal banking regulators have released their updated living will expectations for CIT Group Inc. and Citizens Financial Group Inc.

The expectations are similar to what was earlier communicated to 16 other U.S.-based companies. The updates limit the amount of data to be submitted and focus on how the companies would deal with service disruptions and employee departures if operations were winding down.

CIT's and Citizens Financial's resolution plans are due Dec. 31.