The Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation determined that the resolution plans of five banks “was not credible or would not facilitate an orderly resolution under the U.S. Bankruptcy Code.” Each of the five banks – Bank of America, Bank of New York Mellon, JP Morgan Chase, State Street and Wells Fargo, must fix their resolution plans by October 1, 2016. Each agency identified some material weaknesses in two other banks’ resolution plans, but did not make join determinations, while neither agency found material issues with the resolution plans of Citigroup.