On June 21st, according to the Financial Times of the United Kingdom, the US banking regulatory agency rejected Citigroup's new plan called "living will", which is a detailed plan designed to deal with catastrophic bankruptcy. At a closed-door meeting, the majority of the five members of the Board of Directors of the Federal Deposit Insurance Corporation (FDIC) voted against Citigroup's plan, stating that the bank's data control has "deficiencies". Citigroup has been trying to alleviate regulatory concerns about its data management for many years. In a statement, Citigroup said that we will continue to make significant investments in infrastructure modernization, including ongoing work on data and regulatory reporting process automation; and that our balance sheet and financial position remain strong, with high levels of capital, liquidity, and reserves. But according to a government official, in addition to public condemnation, this move is expected to be largely symbolic, as it is unlikely that the Fed will follow suit. The Fed will release its analysis of the "living wills" of large banks later this month.