Yearly Capital Plans Will be Required from 35 Largest Banks

The Federal Reserve plans to bring in new rules in regard to submission of capital plans of the biggest banks in the country. Every bank with a total asset of $50 million or over (35 Banks as of March 31) must submit its economic plan each year to the Fed. They are also required to set aside 5% of their capital to tide over economic adversity. Previously only those banks with an asset of $100 million were expected to do this. The percentage though is lower than the 7% requirement as per international guidelines issued at Basil III last year, which gives a bit of relief to Wall Street Banks.

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Fed wants yearly capital plans from 35 biggest banks