Agencies Announce Results of Resolution Plan Review for Largest and Most Complex Domestic Banks

Excerpt:  “The Federal Reserve Board and the Federal Deposit Insurance Corporation announced on Wednesday the results of their joint review of the resolution plans—also known as living wills—that the eight largest and most complex domestic banking organizations submitted in 2021. Resolution plans must describe a financial company’s strategy for rapid and orderly resolution in bankruptcy in the event of its material financial distress or failure. The agencies identified a shortcoming in Citigroup Inc.’s resolution plan and did not identify any other shortcomings or deficiencies in the plans from the other banking organizations.”