The Federal Reserve and Federal Deposit Insurance Corp. recently announced that revised 2015 resolution plans submitted by Bank of America, Bank of New York Mellon, JP Morgan Chase and State Street adequately remediated deficiencies, but Wells Fargo failed to adequately remedy two of its three deficiencies.
The findings of this latest review relate only to the joint deficiencies identified in April 2016, when the agencies jointly determined that each of their five 2015 resolution were not credible or would not facilitate an orderly resolution. Each firm had until Oct. 1, 2016, to remedy its deficiencies.
Read on to learn more about the review process the agencies are subjecting these companies’ living wills to.