Wells Fargo Living Will Gets Initial Approval by Regulators
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Wells Fargo & Co. is set to become the first bank to get sign-off from U.S. regulators on its plan for unwinding in a bankruptcy.
The Federal Reserve and Federal Deposit Insurance Corp. told Wells Fargo today that its living will can work with some revisions. The plans, a requirement of the Dodd-Frank Act, are meant to show a big bank can fail without threatening the broader financial system. Regulators rejected proposals submitted by 11 other lenders earlier this year.