March 9, 2018 / 2:24 PM / 3 months ago

Fed says will not object to revised capital plan from Capital One

WASHINGTON (Reuters) - The U.S. Federal Reserve said on Friday it will not object to a revised capital plan submitted by Capital One Financial Corp as part of the Fed’s Comprehensive Capital Analysis and Review of the bank.

FILE PHOTO: The Federal Reserve headquarters in Washington September 16 2015. REUTERS/Kevin Lamarque/File Photo

The revised plan showed “progress in addressing deficiencies” identified in a Fed review last year, including “weaknesses in the way the firm shared key capital planning information with its board of directors and senior managers, identified and incorporated its unique and material risks into its capital planning, and forecasted losses and balances under stressful scenarios.”

The Fed said it would continue analyzing Capital One’s progress in this year’s CCAR submission.

Reporting by Howard Schneider; Editing by Andrea Ricci

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