Joint Release/Agencies Announce Joint Determinations for Living Wills — 2017-12-19

Board of Governors of the Federal Reserve System Joint Release Federal Deposit Insurance Corporation Agencies Announce Joint Determinations for Living Wills Reflecting the significant progress made in recent years, the Federal Deposit Insurance Corporation and the Federal Reserve Board on Tuesday announced that the resolution plans of the eight largest and most complex domestic banking organizations did not have "deficiencies," which are weaknesses severe enough to trigger a resubmission process that could result in more stringent requirements. The agencies 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.