Regulators: Wells Fargo's Living Will Needs Improvement

MarketWatch Pulse

WASHINGTON (MarketWatch) -- Federal regulators said Tuesday that Wells Fargo's "living will" made some progress from an earlier draft but still needs improvements. The Federal Deposit Insurance Corporation and the Federal Reserve Board of Governors both said Well's Fargo's 2015 plan for resolution must show the bank is making progress to meet the requirements for banks under the Dodd-Frank financial reform law. Banks are required to create "living wills" to show how they would handle a potential collapse. The agencies said the bank provided a plan for an orderly resolution under bankruptcy, which was an improvement from last year's submitted plan.

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