Joint Release/Agencies Jointly Provide Feedback on Wells Fargo's Second Resolution Plan and Move Resolution Plan Submission Date for Three Companies — 2014-11-25

Agencies Jointly Provide Feedback on Wells Fargo's Second Resolution Plan and Move Resolution Plan Submission Date for Three Companies The Board of Governors of the Federal Reserve System and the Board of Directors of the Federal Deposit Insurance Corporation (the agencies) on Monday announced that they had completed their review of Wells Fargo & Co.'s 2014 resolution plan and issued a joint letter to the firm. The agencies noted improvements from the original plan submitted in 2013, including the narrative describing the firm's preferred resolution strategy and the progress in addressing the five obstacles identified in guidance issued by the agencies. Under the guidance given to Wells Fargo for preparation of the 2014 plan submission, the firm's 2014 plan provides a basis for a resolution strategy that could facilitate an orderly resolution under bankruptcy.