August 23, 2013 / 3:32 PM / 5 years ago

U.S. Fed says does not object to new BB&T capital plan

WASHINGTON, Aug 23 (Reuters) - The U.S. Federal Reserve said on Friday it would not object to a new 2013 capital plan submitted by BB&T Corp, after the bank’s initial plan was rejected earlier this year.

The biggest banks must submit plans to buy back shares or pay dividends to shareholders to the Fed each year as part of regular tests of the firms’ health.

In March, BB&T said the Fed objected to its capital plan based on qualitative concerns that the bank said were not related to its “capital strength, earnings power or financial condition.” The bank was required to submit a new plan under Fed rules.

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