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Agencies announce postitive results for living wills

Joe Mont | December 21, 2017

In what they ascribe to “significant progress made in recent years,” the Federal Deposit Insurance Corporation and the Federal Reserve Board on have announced that the resolution plans of the eight largest and most complex domestic banking organizations did not have "deficiencies,” defined as weaknesses severe enough to trigger a resubmission process that could result in more stringent requirements.

The agencies, in a Dec. 18 announcement, also jointly determined that the plans of four firms have “shortcomings,” which are less-severe weaknesses that require additional work in their next plan: Bank of America, Goldman Sachs, Morgan Stanley, and Wells Fargo. The agencies did not identify specific shortcomings in the resolution plans from Bank of New York Mellon, Citigroup, J.P. Morgan Chase, and State Street.

Resolution plans, required by the Dodd-Frank Act and commonly known as living wills, must describe the company's strategy for rapid and orderly resolution under...

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