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BRIEF-Wells Fargo says Federal Reserve System, Federal Deposit Insurance Corp determined co's 2016 resolution plan does not remedy 2 of 3 deficiencies
December 14, 2016 / 11:21 AM / 8 months ago

BRIEF-Wells Fargo says Federal Reserve System, Federal Deposit Insurance Corp determined co's 2016 resolution plan does not remedy 2 of 3 deficiencies

Dec 14 (Reuters) - Wells Fargo & Co

* Wells Fargo says Federal Reserve System, Federal Deposit Insurance Corp determined co's 2016 resolution plan does not remedy 2 of 3 deficiencies

* Company is required to remedy two deficiencies in a revised submission to be provided to agencies by March 31, 2017

* Wells Fargo says agencies determined co, units shall be restricted from acquiring any nonbank subsidiary

* Wells Fargo says if co fails to timely submit revised submission, agencies will limit size of co's nonbank and broker-dealer assets to levels in place as of Sept 30, 2016

* Wells Fargo says effective immediately, agencies determined that co, units shall be restricted from establishing any foreign bank or foreign branch

* Wells Fargo says if co has not adequately remedied deficiencies by Dec. 13, 2018, agencies may jointly require co to divest certain assets or operations Source text for Eikon: Further company coverage:

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