Spot gold was slightly down at $2,335.13 per gram on Monday
are set to vote on a plan requiring banks with more than $10 billion in assets to conduct annual stress tests to determine if they can withstand a financial shock.
The board of the Federal Deposit Insurance Corp will vote on Tuesday on the plan, which was modified from an earlier proposal to give smaller banks more time before they must begin testing, according to FDIC staff.
Stress tests are intended to demonstrate how banks would cope with a crisis and are part of a more rigorous testing regime mandated by the 2010 Dodd-Frank financial oversight law. The largest U.S. banks face several such regulatory tests.
Under the plan, FDIC-regulated banks with more than $10 billion in assets would run the tests each year according to stress scenarios provided by regulators. The results will help regulators gauge the health of the banking industry and identify steps banks must take to strengthen their operations.
Banks with between $10 and $50 billion in assets will have until 2013 before they must begin stress testing, and they will have an additional year after that before they must publicly disclose the results of annual tests, the FDIC said.
Larger banks will begin testing this year, the FDIC said.
The FDIC initially proposed its rules in January. The Federal Reserve and the Office of the Comptroller of the Currency are finishing similar rules for the banks they regulate.
Spot gold was slightly down at $2,335.13 per gram on Monday
As authorities sprang into action to drain waterlogging, tenants and homeowners had to navigate the aftermath of nature's unpredictability
The 51-year-old recently competed in the Masters Indoor World Cup — his 10th international tournament since undergoing surgery
Met Department advised people to take precautions during strong convective cloud activity associated with rainfall over Eastern and Northern areas
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Following a $3 per barrel average global price increase in March, petrol prices for April increased by 12 fils per litre in the UAE
Annual rents in Dubai are usually paid in two, four or six instalments via post-dated cheques