In a Surprise, Wells Fargo’s ‘Living Will’ Plan is Rejected
This is a wsj.com article.
San Francisco bank was lone bank that didn’t have a flawed plan in 2014.
Regulators took issue with Wells Fargo & Co.’s contingency planning, telling the bank to resubmit a plan detailing how it would go through a potential bankruptcy.
The Federal Reserve and Federal Deposit Insurance Corp. said Wednesday that they don’t think the San Francisco-based bank’s so-called living will meets the requirements of the 2010 Dodd-Frank law, an unexpected rebuke that could eventually impose higher capital requirements or other regulatory sanctions on the bank.
PiggyBankBlog Courtroom Bailiff: “All Rise! The Honorable Wells Fargo Whistleblower Elizabeth Jacobson has entered the Courtroom of Public Opinion in recent PiggyBankBlog Court of Public Opinion Radio Interview!”