Wells Fargo Issues Statement Regarding Federal Reserve, FDIC 2015 Resolution Plan Ruling
OREANDA-NEWS. Wells Fargo & Company (NYSE:WFC) today issued the following statement regarding the Federal Reserve Board’s and the Federal Deposit Insurance Corporation’s joint response to its 2015 resolution plan submission under the “living will” process of the Dodd-Frank Wall Street Reform and Consumer Protection Act:
“We were disappointed to learn that our 2015 resolution plan submission was determined to have deficiencies in certain areas. The Federal Reserve Board and the FDIC acknowledged the continued steps Wells Fargo has taken in enhancing its resolution plan and we view the feedback as constructive and valuable to our resolution planning process. We understand the importance of these findings and we will address them as we update our plan by the October 1, 2016 deadline identified by the agencies. We remain dedicated to sound resolution planning and preparedness.”
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.8 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through 8,700 locations, 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 36 countries to support customers who conduct business in the global economy. With approximately 266,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 30 on Fortune’s 2015 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially.