State Street has today issued a statement on the announcement by the Board of Governors of the Federal Reserve System (Federal Reserve) and the Federal Deposit Insurance Corporation (FDIC) on the completion of their review of State Street’s resolution plan submitted in July 2015 under Section 165(d) of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
“While the Federal Reserve and FDIC noted improvements in our 2015 resolution plan over our prior resolution plans, the regulatory authorities jointly determined that our 2015 resolution plan is not credible or would not facilitate an orderly resolution,” State Street formally responds. “We are required to address the deficiencies jointly identified by the Federal Reserve and the FDIC by October 1, 2016.”
“Since submitting our resolution plan in July 2015, we have continued to enhance and further develop the plan in anticipation of a 2016 submission. We are committed to addressing the areas outlined by the Federal Reserve and FDIC by October 1, 2016 as required, and continuing to advance our resolution plan as our business and regulatory requirements evolve. Given our strong financial position and capital ratios, we remain confident in the strength and resiliency of our business.”