FDIC rejects Citigroup’s ‘living will’, citing deficient data controls
US banking regulators have rejected Citigroup’s ‘living will’, a plan designed to outline the bank’s strategy for orderly winding down in the event of a catastrophic failure. This decision marks a significant setback for Citigroup, which has been under regulatory pressure to enhance its risk controls for nearly four years. FDIC’s rejection of Citigroup’s living will In a closed-door meeting, the Federal Deposit Insurance Corporation’s (FDIC) five-member board voted to reject Citigroup’s resolution plan. This decision is part of the regulatory framework established after the financial crisis, w...