Wells Fargo has presented the Federal Reserve with a satisfactory plan on how to unwind its business in case of bankruptcy, the U.S. central bank said Monday.
The resolution plan, or “living will,” is required of the nation’s largest banks and is meant to help prevent a future financial crisis.
In December, the Fed and Federal Deposit Insurance Corp. notified Wells Fargo that the bank’s plan fell short. In its Monday announcement, the regulators said Wells Fargo has “adequately remedied the deficiencies.”