CHARLOTTE, N.C. — Federal regulators announced yesterday that “shortcomings” were found in the resolution plans, also called “living wills,” for Charlotte’s biggest banks.
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Both Bank of America Corp. and Wells Fargo & Co. — ranked No. 1 and No. 2, respectively, by local deposits — were among six big banks notified by the Federal Reserve Board and Federal Deposit Insurance Corp. that plans to address those shortcomings are due to the agencies by March 31.
The resolution plans are a requirement of the Dodd-Frank Wall Street Reform and Consumer Protection Act passed in the wake of the 2008 financial crisis to govern the nation’s largest and most complex banking institutions.
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