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Board of Governors of the Federal Reserve System
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Press Release

Federal Reserve Press Release

Release Date: January 24, 2014

For immediate release

The Federal Reserve Board on Friday provided additional information on its expectations for the recovery and resolution preparedness of certain large domestic bank holding companies. Recovery and resolution preparedness aims to reduce the effect of a firm's failure or material weakness on the financial system and the broader economy.

The supervisory guidance discusses the importance of having robust systems to manage collateral, information, and payments, clearing, and settlement activities. It also stresses the importance of adequate liquidity and funding arrangements during times of stress. The expectations will be incorporated into the Federal Reserve's ongoing supervisory assessments of recovery and resolution preparedness at large bank holding companies subject to the guidance.

The supervisory guidance is applicable to eight domestic bank holding companies--Bank of America Corporation; Bank of New York Mellon Corporation, PLC; Citigroup Inc.; Goldman Sachs Group, Inc.; JPMorgan Chase & Co.; Morgan Stanley; State Street Corporation; and Wells Fargo & Company.

For media inquiries, call 202-452-2955.

SR letter 14-1

 
Last update: January 24, 2014