06:06 AM EDT, 09/11/2024 (MT Newswires) -- (Updates with the US Federal Reserve's response in second paragraph, and a comment from FDIC in the third paragraph.)

Regulators have agreed to cut an initial plan to increase capital requirements for the biggest US banks from 19% to 9%, Bloomberg News reported late Monday, citing people familiar with the matter.

The US Federal Reserve turned down MT Newswires' request for comment, while the Office of the Comptroller of the Currency did not immediately respond.

Martin J. Gruenberg, chairman of the Federal Deposit Insurance Corp., told MT Newswires that they "look forward" to concluding the Basel III proposal for capital requirements. The details of the Bloomberg report were not confirmed.

The three regulators are expected to release proposed revisions to the capital mandates as soon as Sept. 19, Bloomberg has earlier reported.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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