Fed and FDIC publish resolution plan feedback letters for large domestic and foreign banks
The Federal Reserve Board and the FDIC jointly published resolution plan feedback letters on May 22, covering eight large US banking organizations — Bank of America, BNY Mellon, Citigroup, Goldman Sachs, JPMorgan Chase, .
At a glance
- The Fed and FDIC jointly published resolution plan feedback letters for eight large domestic banks and dozens of foreign banking organizations
- The agencies identified no shortcomings or deficiencies in the resolution plan submissions
- Previously flagged derivatives-related weaknesses at four major banks were deemed satisfactorily addressed
VERDICT — CONFIRMED
The Federal Reserve Board and the FDIC jointly published resolution plan feedback letters on May 22, covering eight large US banking organizations — Bank of America, BNY Mellon, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley, State Street and Wells Fargo — plus HSBC North America and 56 other foreign banking organizations, according to the Fed's press release. The agencies said they identified no shortcomings or deficiencies in the resolution plan submissions. The release also confirmed that previously identified derivatives-related weaknesses at Bank of America, Citigroup, Goldman Sachs and JPMorgan Chase have been satisfactorily addressed.
Key facts on file
- The Fed and FDIC jointly published resolution plan feedback letters for eight large domestic banks and dozens of foreign banking organizations
- The agencies identified no shortcomings or deficiencies in the resolution plan submissions
- Previously flagged derivatives-related weaknesses at four major banks were deemed satisfactorily addressed
