Regulators Remove Growth Restrictions On Wells Fargo
Federal regulators on Monday said Wells Fargo cleared up remaining deficiencies in its "living will" plan, leading to the removal of growth restrictions on the San Francisco bank. In December, the Federal Reserve and the Federal Deposit Insurance Corp. rejected Wells Fargo's living will and asked for a new plan. The bank submitted the new plan to the agencies at the end of March. The Dodd-Frank act mandated the writing of living wills so regulators would have a blueprint to follow that would allow the nation's largest banks to fail without bringing down the entire financial system and economy.
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