Tag Archives: Living Wills

The verdict is in. On Tuesday, The FDIC and the Federal Reserve Board announced their determination for the revised "living wills" of Bank of America, Bank of New York Mellon, JP Morgan Chase, State Street, and Wells Fargo.

In April of this year, the Fed and FDIC determined that each of the 2015 resolution plans, or “living wills," for eight domestic banking institutions were not credible or would not facilitate an orderly resolution under the U.S. Bankruptcy Code. What have these firms done to resolve their deficiencies?

The rejection of the living wills of Bank of America, BNY Mellon, JPMorgan Chase, State Street, and Wells Fargo by both the Fed and FDIC is likely to add more fuel to the fierce debate in Congress over whether or not Dodd-Frank is codifying too big to fail.