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    Fed's Barr unveils sweeping bank capital plan changes after pushback, delays (updated)

    Picture of Ally Financial logoAlly Financial
    10/09/2024 14:31
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      Regulators to reissue draft for more industry feedback
    

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      Wall Street banks say more capital unnecessary
    

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      Banking industry has threatened litigation
    

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      Basel rule may not be finalized before Nov. 5 election
    

  
 (Adds context, market reaction, JPMorgan comment in paragraphs
5-11)
    By Pete Schroeder
       WASHINGTON, Sept 10 (Reuters) - The Federal Reserve's
regulatory chief on Tuesday outlined a sweeping overhaul easing
two major draft bank capital rules following intense industry
opposition that delayed the projects and sparked divisions among
the top federal banking regulators.
    In a speech to the Brookings Institution, Fed Vice Chair for
Supervision Michael Barr said regulators will reissue
watered-down drafts of the so-called "Basel Endgame" rule and a
separate capital rule for global banks, in a major win for Wall
Street lenders which have aggressively lobbied to weaken them. 
    The draft Basel rule, first unveiled in July 2023, overhauls
how banks with more than $100 billion in assets calculate the
amount of capital they must put aside to absorb potential
losses. 
    The other draft rule for global systemically important banks
(GSIBs) aims to make capital levels for those lenders more
risk-sensitive. Reuters first reported in July that the Fed was
considering tweaking that rule to give banks including JPMorgan
Chase  JPM.N , Bank of America 
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