The Federal Reserve announced it has approved the capital plans of 14 financial institutions in the Comprehensive Capital Analysis and Review (CCAR). Two other institutions received conditional approval, while the Federal Reserve objected to the plans of two firms.

The Federal Reserve did not object to the capital plans for American Express Company; Bank of America Corporation; BNY Mellon; Capital One Financial; Citigroup; Fifth Third Bancorp; KeyCorp; Morgan Stanley; PNC Financial Services; Regions Financial; State Street; SunTrust Banks; U.S. Bancorp and Wells Fargo.

The Federal Reserve did not object to the capital plans for Goldman Sachs and JP Morgan Chase, but required the two institutions to submit new capital plans by the end of the third quarter to address weaknesses in their capital planning processes.

The Federal Reserve objected to the capital plans of Ally Financial and BB&T.

“Now in its third year, the Federal Reserve’s review of capital plans provides a regular, structured, and comparative way to promote and assess the capacity of large bank holding companies to understand and manage their capital positions, with particular emphasis on risk-measurement practices,” Federal Reserve Gov. Daniel Tarullo said. “The financial crisis showed not only that regulators needed to increase capital requirements and conduct regular stress tests, but also that firms need strong internal processes to evaluate their own capital needs based on their individual risks and circumstances.”

To read the Fed’s full news release click here.