(Reuters) – The Federal Reserve and two other U.S. regulators are moving toward a new plan that would significantly reduce a nearly 20% mandated increase in capital for the country’s biggest banks following lobbying efforts by industry CEOs like JPMorgan Chase’s Jamie Dimon, the Wall Street Journal reported on Sunday.
Top officials from all three agencies involved in the pending capital rules—the Federal Reserve, the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC)—are still discussing substantive and technical revisions and there is no guarantee that an agreement will be reached, the WSJ reported.
The Fed, the FDIC and the OCC did not immediately respond to Reuters’ requests for comment.
The three bank regulators, led by the Fed, in July last year unveiled a proposal to overhaul how banks with more than $100 billion in assets calculate the cash they must set aside to absorb potential losses.
(Reporting by Surbhi Misra in Bengaluru; Editing by Leslie Adler)
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