The U.S. Federal Reserve said on Wednesday it would no longer flunk banks based ...
WASHINGTON - The U.S. Federal Reserve said on Wednesday it would no longer flunk banks based on operational or risk management lapses during its annual health check of the country’s domestic banks.
The move, which is a big win for major banks, such as Goldman Sachs Group Inc, Morgan Stanley and JP Morgan, Bank of America and Citigroup, forms part of a broader effort by the Fed to overhaul its annual “stress-testing” process, which the industry has long criticized as too onerous and opaque. Most banks that have failed the tests in the past stumbled on the qualitative objection. Banks that receive an objection from the Fed are required to adjust their capital distribution plans.
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