Under rules established following the 2007-2009 financial crisis, large banks are regularly required to detail how they could be quickly and safely taken apart in a crisis. These resolution plans, commonly known as “living wills,” are assessed by regulators to see if they are feasible.
If banks cannot get regulators to sign off on their plans, they could face additional restrictions on their business activities or even be ordered to divest. Banks originally had to submit the plans annually, but regulators decided in October to ease that requirement after banks argued it was too onerous and regulators could not assess the complex documents on such a schedule. Now, large U.S. banks can submit simpler plans every two years, and a full resolution plan every four years.
The last time large U.S. banks had such plans tested, regulators identified shortcomings with four of the banks’ plans. They announced Tuesday that those shortcomings, from plans submitted by Bank of America, Goldman Sachs, Morgan Stanley and Wells Fargo, had been addressed.
[Mat 6:19 NIV] 19 'Do not store up for yourselves treasures on earth, where moths and vermin destroy, and where thieves break in and steal.
Banks, just like bureaucracies, struggle from too much input. Framiliar issues destined for the near future.
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