Fed approves capital plans of all of 34 big banks that underwent stress tests

According to Reuters, U.S. Federal Reserve announced that it approved the capital plans of all of the 34 big banks that underwent stress tests.

Key quotes:

• Capital One Financial Corp must address weaknesses in capital planning, resubmit by end of 2017
• Capital One had already resubmitted reduced capital plan, but must resubmit again
• Capital One did not appropriately account for risks in 'one of its most material businesses'
• American Express Co. also resubmitted reduced capital plan prior to approval