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Fed OK’s stress-tested banks’ capital plans

/ Source: The Associated Press

The Federal Reserve says plans submitted by 10 banks to bolster their capital cushions are enough to help them survive a deeper recession.

The plans "if implemented, would provide sufficient capital to meet the required buffer," the Fed says.

The banks had until Monday to file the plans, and they have until early November to implement them.

"As supervisors, we will be working with the institutions to ensure their plans are implemented quickly and effectively," the Fed says.

Bank of America, Citigroup and Wells Fargo are among the 10 banks that were told they would have to boost capital by a total of $75 billion to cover potential losses following the government's "stress test" results last month.