October 31, 2018 / 2:14 PM / 10 months ago

U.S. Federal Reserve unveils proposal to ease regulations for larger banks

WASHINGTON, Oct 31 (Reuters) - The U.S. Federal Reserve unveiled a proposal Wednesday that would ease regulations for banks with less than $700 billion in assets.

PNC Financial Corp, Capital One Financial Corp , Charles Schwab, and U.S. Bancorp would enjoy reduced liquidity and compliance requirements under the proposal, which the Fed board is set to vote on Wednesday morning. Several smaller banks would see further reduced regulation as laid out in a bank deregulation law Congress passed in May.

The proposal establishes four tiers of regulation for banks with over $100 billion in assets, as central bank seeks to tailor rules for larger firms. The proposal would reserve the strictest rules for U.S. globally systemic banks, and step down requirements for smaller and less complex firms. (Reporting by Pete Schroeder Editing by Chizu Nomiyama)

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