Joint Release/Agencies Post Public Sections of "Targeted Submissions" for Eight Firms — 2016-10-04

Agencies Post Public Sections of “Targeted Submissions” for Eight Firms The Federal Reserve Board and the Federal Deposit Insurance Corporation (FDIC) on Tuesday posted the public portions of the required "targeted submissions" for the eight systemically important, domestic banking institutions. To foster transparency, the agencies required all of the firms to file a public portion of their targeted submissions. In April of this year, the agencies jointly determined that each of the 2015 resolution plans of Bank of America, Bank of New York Mellon, JPMorgan Chase, State Street, and Wells Fargo was not credible or would not facilitate an orderly resolution under the U.S. Bankruptcy Code, the standard established in the Dodd-Frank Wall Street Reform and Consumer Protection Act. As such, the agencies issued joint letters to these firms detailing the deficiencies in their plans and the actions the firms must take to address them.