On 24 January 2014, the Board of Governors of the Federal Reserve System (Federal Reserve Board) issued supervisory guidance on its expectations for the recovery and resolution preparedness of certain large domestic bank holding companies. The supervisory guidance discusses the importance of having robust systems to manage collateral, information, and payments, clearing, and settlement activities. The expectations will be incorporated into the Federal Reserve Board's ongoing supervisory assessments of recovery and resolution preparedness at large bank holding companies subject to the guidance. The supervisory guidance is applicable to eight domestic bank holding companies: Bank of America Corporation; Bank of New York Mellon Corporation, PLC; Citigroup Inc.; Goldman Sachs Group, Inc.; JPMorgan Chase & Co.; Morgan Stanley; State Street Corporation; and Wells Fargo & Company.
The supervisory guidance is available at: http://www.federalreserve.gov/bankinforeg/srletters/sr1401.pdf.
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