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"The smaller banks did OK and the mortgage lobby had its voice heard," said Alok Sinha, the head of the banking and securities team at accounting firm Deloitte & Touche. Fed officials also signaled Tuesday that they are considering moving forward on even tougher standards for the nation's largest banks. Fed board member Daniel K. Tarullo said during the discussion that "we have a number of capital-related initiatives remaining." He said there were four rules being considered that would increase capital requirements for eight big banking organizations that have been identified as having global systemic importance. This group includes Goldman Sachs, Bank of America, JPMorgan Chase and Citigroup. Separately, the Fed and the Federal Deposit Insurance Corp. released the public portions of so-called living wills submitted by four large banks
-- Wells Fargo & Co., BNP Paribas, HSBC Holdings and Royal Bank of Scotland Group. The wills detail how the government could dismantle their operations in the event of a crisis. The wills are required by the financial overhaul legislation as a way to answer critics who contend that some institutions are too big to fail and will look to taxpayers to bail them out. In April, the Fed and FDIC demanded additional information from 11 large banks that were in the first group to submit living wills last year. The banks, which included Bank of America, Goldman Sachs and JP Morgan, were given until Oct. 1 to supply additional information demanded by regulators.
[Associated
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