US Banking Regulators Rejected Citi’s ‘Living Will’ Plan: FT

Majority of the Federal Deposit Insurance Corporation’s five-member board voted in a closed-door meeting on Thursday to reject the plan, the Financial Times reports.

• FDIC called Citi’s data controls deficient
• The Fed has yet to hold its own vote on Citi’s plan
• ‘Living Will’ plan is a detailed plan to wind itself down in the event of catastrophic failure
• “We continue to make substantial investments to modernize our infrastructure, including the work we’re doing to automate data and regulatory reporting processes,” a Citigroup spokesman said to the FT
  • Confident Citi could be resolved without the use of taxpayer funds or ...