Dec
13
Wells Fargo’s ‘Living Will’ Plan Is Rejected Again by Regulators
ByWells Fargo has run afoul of banking regulators once again: On Tuesday, for the second time this year, the bank did not pass a key regulatory test that was created after the 2008 financial crisis to reduce the threats that large banks pose to the broader economy.
In April, regulators announced that they had rejected the “living will” plans proposed by Wells Fargo and four other major banks. Each bank had been required to submit a plan to unwind itself in a way that would safeguard the economy in case of the bank’s failure. Since then, all five banks have resubmitted their disaster-preparedness plans; only Wells Fargo’s plan did not pass muster…
Wells Fargo’s ‘Living Will’ Plan Is Rejected Again by Regulators
