Rule subjects 100 more banks to stress tests
By The Associated Press
Published: Wednesday, Oct. 10, 2012, 12:01 a.m.
About 100 medium-sized banks will have to show how prepared they are to withstand a financial crisis next year, under a rule adopted Tuesday.
The Federal Deposit Insurance Corp. voted to require banks with $10 billion to $50 billion in assets to conduct yearly stress tests to assess their ability to withstand possible worsening economic conditions. The requirement is mandated by the 2010 financial overhaul law.
Two other regulatory agencies are expected to adopt the requirement. It takes effect in October 2013 and will affect about about 1.3 percent of all banks.
The 19 largest banks undergo annual stress tests conducted by the Federal Reserve.
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