Fed, FDIC say no shortcomings found in biggest banks’ 2025 resolution plans

Feedback letters to the eight largest, most complex domestic banking organizations, plus 56 foreign banking organizations, received feedback letters sent jointly by federal regulators on their 2025 resolution plan – or “living will” – submissions.

The agencies – the Federal Reserve Board and Federal Deposit Insurance Corp. (FDIC) – said they “did not identify any shortcomings or deficiencies” in the plan submissions.

“The agencies also determined that each derivatives-related weakness identified in the 2023 plans from Bank of America, Goldman Sachs, JPMorgan Chase, and Citigroup has been satisfactorily addressed,” they wrote in the letters.

Besides the above-noted banks, the letters to big domestic banks went also to Bank of New York Mellon Corporation, Morgan Stanley, State Street Corporation, and Wells Fargo & Company.

The next submissions, required under the Dodd-Frank Wall Street Reform Consumer Protection Act (Dodd-Frank) – are due in 2027, the letters note.

Agencies publish resolution plan feedback letters for certain domestic and foreign banking organizations