US Federal Reserve said on Monday that it has passed the new capital plans submitted by Goldman Sachs Group, Inc. and JPMorgan Chase & Co., more than half a year after they were ordered to make revision.
"The Federal Reserve did not object to the capital plans from both institutions," the U.S. central bank said in a statement.
In its latest round of Comprehensive Capital Analysis and Review (CCAR) whose result was released in March, the Fed gave Goldman Sachs and JPMorgan Chase "conditional non-objection" approvals to the two firms' capital plans and requested them to "remediate certain weaknesses in their capital plans and capital planning processes."
The CCAR is an annual review to ensure that large U.S. financial institutions have robust and forward-looking capital planning processes that account for their unique risks.
The Federal Reserve began the 2014 CCAR in November and will release its summary results in March 2014, said the Fed.