The Federal Reserve extended until next year the capital plan resubmission deadlines for Citigroup Inc., HSBC North America Holdings Inc., RBS Citizens Inc., and Santander Holdings USA Inc. after objecting to earlier versions.
The June 26 resubmission deadline now will be pushed back until Jan. 5, the due date for the next round of annual plans, the Fed said today in a statement in Washington. Regulators at the central bank objected to the capital plans from the banks during the 2014 Comprehensive Capital Analysis and Review, according to the statement.
“The firms will not be able to increase their capital distributions until a new capital plan is approved,” the Fed said in the statement.
“The extensions will give the firms additional time to address the capital planning weaknesses identified by the Federal Reserve,” the central bank said.