Federal Reserve Board Vice Chair for Supervision Michael S. Barr speaks during a hearing with the Senate Banking Committee on Capitol Hill in Washington on May 18, 2023. (Anna Moneymaker/Getty Images) Federal regulators launched an effort that would force major lenders to set aside billions in more capital to guard against risk this week.
The Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), and Office of the Comptroller of the Currency agreed on July 27 to put the new proposal out for public feedback.
The banking industry is fiercely critical of the plan, and tepid support from Fed Chairman Jerome Powell has raised questions about how it would work before it is launched.
It comes after Fitch Ratings released a July 25 report showing that large and regional U.S. banks in the second quarter saw weak results on a sequential-quarter and year-over-year basis.The industry expects weaker results to persist, amid lower growth […]
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