Agencies find no deficiencies in largest banks’ ‘living wills’

The Federal Reserve and FDIC announced Wednesday that the eight largest U.S. banks did not have deficiencies in their most recent resolution plans, also known as living wills. However, they added that among the eight, Citigroup had a shortcoming in its resolution plan.

A shortcoming is a weakness that raises questions about the feasibility of the plan and could result in additional requirements if not corrected, but is not as severe as a deficiency, according to the agencies. In Citigroup’s resolution plan, the agencies found a shortcoming related to data quality and data management concerns.

The agencies said they have provided feedback letters to each of the banks, with Citigroup expected to submit a plan to address the shortcoming by Jan. 31, 2023. Read