March 24, 2020 / 9:31 PM / in 12 days

U.S. Fed tells banks to still submit stress test capital plans

WASHINGTON, March 24 (Reuters) - Large banks should still submit the capital plans they have drawn up for the Federal Reserve’s annual stress tests by the original April 6 deadline, the central bank said on Tuesday.

In a statement, the Fed said those plans will be used to “monitor how firms are managing their capital in the current environment.”

At the same time, the Fed said it will give banks more time to address non-critical examiner issues and will temporarily reduce examination activities at banks. Instead, the Fed is currently focused on bank outreach to make sure firms can manage the challenge and risks brought on by the pandemic. (Reporting by Pete Schroeder Editing by Chris Reese)

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