Press Release

July 19, 2021 Agencies release public sections of resolution plans for eight large banks Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation For release at 4:30 p.m. EDT Share The Federal Reserve Board and the Federal Deposit Insurance Corporation (FDIC) today released the public sections of eight large domestic firms' resolution plans, which are required by the Dodd-Frank Act and commonly known as living wills. Resolution plans describe the company's strategy for rapid and orderly resolution under bankruptcy in the event of material financial distress or failure. Eight firms were required to submit targeted resolution plans by July 1: Bank of America Corporation; The Bank of New York Mellon Corporation; Citigroup Inc.; The Goldman Sachs Group, Inc.; JPMorgan Chase & Co.; Morgan Stanley; State Street Corporation; and Wells Fargo & Company. By regulation, resolution plans must be divided into public and confidential sections. To foster transparency, the agencies have required each firm's public section to summarize certain elements of the resolution plan. The public sections of the resolution plans are available on the FDIC's and the Federal Reserve's websites. Media Contacts:

Federal Reserve (2021, July 18). Press Release. Press Releases, Federal Reserve. https://whenthefedspeaks.com/doc/press_release_20210719_agencies_release_public_sections_of_resolution

@misc{wtfs_press_release_20210719_agencies_release_public_sections_of_resolution,
  author = {Federal Reserve},
  title = {Press Release},
  year = {2021},
  month = {Jul},
  howpublished = {Press Releases, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/press_release_20210719_agencies_release_public_sections_of_resolution},
  note = {Retrieved via When the Fed Speaks corpus}
}