Joint Release/Agencies Announce Wells Fargo has Remediated Resolution Plan Deficiencies — 2017-04-24

Agencies Announce Wells Fargo has Remediated Resolution Plan Deficiencies The Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve Board on Monday announced that Wells Fargo had adequately remediated the deficiencies in its 2015 resolution plan. As a result, the firm will no longer be subject to growth restrictions imposed last year. 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 bankruptcy in the event of material financial distress or failure of the company. In December 2016, the agencies determined that Wells Fargo had not remedied two of the three deficiencies identified previously by the agencies and imposed restrictions on the growth of the firm's international and non-bank activities. Following that determination, Wells Fargo submitted a revised plan in March 2017 that adequately remediated the remaining deficiencies.