U.S. Banks Make Progress on Their Living Wills<br />Bank of America, Bank of New York Mellon, JPMorgan Chase, State Street<br />and Wells Fargo had to resubmit their plans, with the risk of additional penalties such as higher capital requirements or forced divestitures.<br />The agency, which signed off on the living wills, counts Thomas M. Hoenig, a Wall Street critic, among<br />its leadership, which has not yet changed since the administration of President Barack Obama.<br />The Federal Reserve and the Federal Deposit Insurance Corporation cleared the resolution plans of<br />the eight biggest lenders on Tuesday, though four, including Wells Fargo, need improvements.<br />This year, the lender, based in San Francisco, was among four banks<br />that were found to have shortcomings, along with Bank of America, Goldman Sachs and Morgan Stanley.<br />American banks have finally got the hang of dying in their living wills.
