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The FDIC and Federal Reserve released results of their review of the resolution plans of the eight largest and most complex U.S. banks, finding shortcomings only in Citigroup’s living will. The agencies said Citigroup’s resolution plan contained deficiencies related to data quality and management, with other institutions successfully addressing previously identified shortcomings from their 2019 plans.
Gruenberg: FDIC Acting Chairman Martin Gruenberg said the agencies expect to expand their evaluation of resolution plan submissions with more granular reviews of the institutions’ internal testing results and to conduct independent assessments of the firms’ abilities to execute their resolution strategies.
Chopra: In a separate statement, Consumer Financial Protection Bureau Director Rohit Chopra said he does not believe Citigroup is the only institution without a credible plan. He said it is “highly unlikely” that any of the institutions could be resolved in a rapid and orderly manner under the bankruptcy code.