On Thursday, Federal Reserve Governor Jerome Powell went on record saying the Fed plans on reviewing some of what he believes are the more outdated rules mandated by the Dodd-Frank act. Banks’ board of directors could see a relief of some of the day to day responsibilities and concentrate more on big picture if Powell is successful. Banks may also see more transparency in the CCAR, something a majority of the industry has been requesting for years.
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Fed Asks Morgan Stanley to Resubmit Capital Plan
The Fed did not object to Morgan Stanley’s capital plan, but the firm is required to submit a new plan by December 29, 2016, in order to address weaknesses found in its capital planning process.
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