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Fed Says Tarullo Listened to Bank Concerns on Stress Test

Federal Reserve Governor Daniel Tarullo met with bank chief executives today about the implementation of the Fed’s stress tests and other regulations.

He did not comment to bank executives on their concerns, according to a summary of the meeting released by the Fed today.

“Neither Governor Tarullo nor Federal Reserve staff would, during the meeting, respond or reply to views expressed by the bank representatives,” according to a summary provided by the Fed of a meeting today between the chief executives of six banks and Tarullo.

The Fed said the meeting was attended by Lloyd Blankfein of Goldman Sachs Group Inc.; Richard Davis of US Bancorp, Jamie Dimon of JPMorgan Chase & Co.; James Gorman of Morgan Stanley; Joseph Hooley of State Street Corp., and Brian Moynihan of Bank of America Corp.

The bankers “presented their views” about topics such as the board’s rules to limit counterparty risk, the Comprehensive Capital Analysis Review process known as the stress tests, and proposed rules from the Fed to implement restrictions on proprietary trading, the Fed said.

“Their comments would be considered together with all other comments and feedback received from other interested parties,” the Fed said.

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