Bank CEOs led by JPMorgan Chase CEO Jamie Dimon have lambasted the proposed Basel Endgame regulation since it was unveiled last year.
A top Federal Reserve official on Tuesday unveiled changes to a proposed set of U.S. banking regulations that roughly cuts in half the extra capital that the largest institutions will need.
Instead, officials at the Fed, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp. have agreed to resubmit the massive proposal with a more modest 9% increase to big bank capital, according to prepared remarks from Fed vice chair for supervision Michael Barr.
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