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Wells Fargo failed its ‘living will’ test a second time and is on the brink of sanctions





Wells Fargo

Wells Fargo’s plan for how it would resolve its business in the event of a crisis was again rejected by regulators on Tuesday, putting it closer to serious sanctions under the Dodd-Frank Act.

Both the Federal Reserve and the Federal Deposit Insurance Corporation rejected Wells’ so-called living will for a second time, even after the bank made adjustments to the plan.

The original draft was rejected in April.

The regulators found that two of the three areas that had been cited for “deficiencies” in the original plan had not been fixed. Due to the failure, the bank will now be restricted in read more >>>

Source:: BusinessInsider.Com

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