Regulators Clear Living Wills for Regional, Card Banks

The FDIC and the Federal Reserve announced today that they have reviewed resolution plans submitted in 2017 by 14 regional and credit card banks and did not identify any shortcomings.

The 14 banks submitting so-called living wills were: Ally Financial, American Express, BB&T, Capital One, Discover, Fifth Third, Huntington, KeyCorp, M&T Bank, Northern Trust Corporation, PNC, Regions, SunTrust, and U.S. Bancorp.

In letters to the firms, the agencies outlined their expectations for the next round of resolution plan submissions, which are due on or before Dec. 31, 2019. They also noted their intention to propose revisions to the resolution plan rule, including those to implement sections of the S. 2155 regulatory reform law.