The FDIC and the Board of Governors of the Federal Reserve System ("FRB") determined that a Wells Fargo "Revised Submission" adequately remediated the remaining deficiencies in its 2015 resolution plan. As a result, the bank no longer is subject to certain "restrictions on the activities, growth, and operations" imposed by the agencies in a December 2016 letter to the bank.
In April 2016, the FDIC and FRB determined that the 2015 resolution plans of a number of domestic banking institutions were insufficient. Wells Fargo submitted the Revised Submission in March 2017. Resolution plans (commonly known as "living wills") are required by the Dodd-Frank Act to prepare for possible material financial distress or the failure of a company. These plans describe a company's strategy for "rapid and orderly resolution" under bankruptcy.
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