On November 25, 2014, the Federal Reserve Board and the FDIC issued a joint letter to Wells Fargo upon completion of their review of the firm’s 2014   resolution plan, commonly referred to as the “living will.” The living will is a plan for an orderly resolution strategy in the case of material financial distress or failure of the firm. The Federal Reserve Board and FDIC noted that Wells Fargo had improved the narrative of its preferred resolution strategy and made progress in addressing five obstacles identified by the agencies in previous guidance. The agencies also announced that three banks, BNP Paribas, HSBC and Royal Bank of Scotland, will be required to submit their living wills on December 31, rather than July 1, beginning in 2015.

The Federal Reserve Board press release is available at:

http://www.federalreserve.gov/newsevents/press/bcreg/20141125a.htm.