All 14 financial firms pass Fed, FDIC's "living will" evaluation

|About: Ally Financial Inc. (ALLY)|By:, SA News Editor

The Federal Reserve Board and the Federal Deposit Insurance Corp. say they didn't identify any deficiencies or weaknesses in the 2017 resolution plans, known as "living wills," for the 14 financial institutions evaluated.

The agencies said that three shortcomings identified in Northern Trust's (NTRA +3.4%) 2015 resolution plan were satisfactorily addressed in its 2017 living will.

Furthermore, proposed changes to the resolution plan rule, including changes to implement the Economic Growth, Regulatory Relief, and Consumer Protection Act were released to the banks.

The financial firms evaluated were: Ally Financial (NYSE:ALLY), American Express (NYSE:AXP), BB&T (NYSE:BBT), Capital One Financial (NYSE:COF), Discover Financial Services (NYSE:DFS), Fifth Third Bancorp (NASDAQ:FITB), Huntington Bancshares (NASDAQ:HBAN), KeyCorp (NYSE:KEY), M&T Bank (NYSE:MTB), Northern Trust, Regions Financial (NYSE:RF), SunTrust Banks (NYSE:STI), PNC Financial Services (NYSE:PNC), and U.S. Bancorp (NYSE:USB).

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