Fed greenlights Wells Fargo revamp, lifts growth limits
Bank’s 2015 plan contained “deficiencies” that have now been corrected, US agencies say
US agencies have approved revamped resolution plans by Wells Fargo, lifting “growth restrictions” imposed on the US bank last year.
Supervisors deemed the bank’s “living wills”, as required by the Dodd-Frank Act, to be insufficient in both 2015 and 2016. Yesterday (April 24), the US Federal Reserve Board and Federal Deposit Insurance Corporation have approved the amended plan.
Living wills are designed to set out a strategy for the smooth and rapid resolution of a firm under bankruptcy, in the
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