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Banks get report cards, to-do demands for their ‘living wills’

Joe Mont | April 13, 2016

The Federal Deposit Insurance Corporation and the Federal Reserve Board have released firm-specific report cards on the 2015 resolution plans of eight systemically important, domestic banks. The determinations were made public on Wednesday, one day after a report by the Government Accountability Office called for greater transparency in how their assessments of "living wills" are conducted.

The two agencies jointly determined that the 2015 resolution plans of Bank of America, Bank of New York Mellon, JPMorgan Chase, State Street, and Wells Fargo “were not credible or would not facilitate an orderly resolution under the U.S. Bankruptcy Code [or] the statutory standard established in the Dodd-Frank Act.”

If any of the five firms receiving a joint notice of deficiencies does not adequately remediate their identified deficiencies by Oct....

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