US regulators sign off on large bank 'living wills'

A ​pair of ‌U.S. banking regulators ​have signed off on plans ‌submitted by the nation's largest banks detailing how they could be safely unwound ‌in bankruptcy. The agencies dinged those banks ⁠in 2024, saying their plans did not adequately ⁠show ⁠how they could safely unwind their derivatives portfolios.

A ​pair of ‌U.S. banking regulators ​have signed off on plans ‌submitted by the nation's largest banks detailing how they could be safely unwound ‌in bankruptcy. The Federal Reserve and Federal ‌Deposit Insurance Corporation did not identify any shortcomings in the so-called "living wills" of the ⁠nation's ​8 ⁠largest banks and 56 foreign banking organizations. The ⁠regulators also announced Friday that shortcomings identified ​in prior plans submitted by ⁠Bank of America, Goldman Sachs, JPMorgan Chase ⁠and ​Citigroup had been sufficiently addressed. The agencies dinged those banks ⁠in 2024, saying their plans did not adequately ⁠show ⁠how they could safely unwind their derivatives portfolios.