Fed, FDIC release public ‘living will’ sections from 8 big banks

The public sections of eight large domestic banks’ resolution plans, also called living wills, required under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) were released Tuesday by the Federal Reserve Board and the Federal Deposit Insurance Corp. (FDIC).

The eight firms were required to submit their plans by July 1. All, except where noted, had assets of $250 billion or more: Bank of America Corporation, Bank of New York Mellon Corporation (less than $100 billion), Citigroup Inc., Goldman Sachs Group, JPMorgan Chase & Co., Morgan Stanley, State Street Corporation (less than $100 billion), and Wells Fargo & Company ($100 billion or more but less than $250 billion).

The resolution plans describe the firms’ strategies for rapid and orderly resolutions under bankruptcy in the event of material financial distress or failure. “To foster transparency, the agencies have required each firm’s public section to summarize certain elements of the resolution plan,” the Fed and FDIC said in their release Tuesday.

“The agencies will review both the confidential and public portions of the resolution plans,” they said.

Public portions from the resolution plans:

Bank of America

Bank of New York Mellon

Citigroup Inc.

Goldman Sachs Group

JPMorgan Chase & Co.

Morgan Stanley

State Street Corporation

Wells Fargo & Company