Employment News
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.
Read the original article here:
Fed wants yearly capital plans from 35 biggest banks
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