Tabs

Bank/Thrift Supervision   |    Capital    |    CFPB    |    Deposit Insurance    |    Interchange    |    Mortgage Finance
Municipal Advisors   |    OCC-OTS Merger   |    Preemption    |    QM - QRM    |    Swaps   |    Volcker Rule    |    Full Topics List
 
Qualified Mortgage - Qualified Residential Mortgage
Swaps
Consumer Financial Protection Bureau - CFPB
Bank/Thrift Holding Company Supervision
Capital
Deposit Insurance
Interchange
Mortgage Finance
Municipal Advisors
OCC-OTS Merger
Preemption
Volcker Rule
Corporate Governance
Financial Stability Oversight Council (FSOC)
Appraisals
Office of Financial Research (OFR)
Systemic Risk
Supervision and Oversight
Payment, Clearing and Settlement
Prudential Supervision
Trust & Securities
Asset-Backed Securities
Resolution Authority

Wednesday, December 14, 2016

Regulators Issue Determinations on Revised SIFI Resolution Plans

The Federal Reserve Board and the FDIC have announced that four out of five systemically important domestic banking institutions have successfully remedied deficiencies in their 2015 resolution plans. Revisions submitted in October by Bank of America, Bank of New York Mellon, J.P. Morgan Chase and State Street were approved unanimously, after the agencies earlier this year determined that the original plans would not facilitate orderly resolution under the U.S. Bankruptcy Code in the event of failure.

The fifth bank, Wells Fargo, failed to adequately remedy its deficiencies with its revised plan, the agencies said, citing outstanding issues with “legal entity rationalization” and “shared services.” Regulators did note, however, that the bank’s revised plan did address the deficiency in the “governance” category. As a result, the agencies will impose restrictions on the growth of Wells Fargo’s international and nonbank activities. The company will have until the end of March to address the remaining deficiencies to avoid further regulatory actions, including divestiture of certain assets or operations.

Read more.

1 comment:

Vinit Mohan said...

Chase Bank is really doing very good work. I appreciate them.

Post a Comment

Please read our comment policy before making a comment.