U.S. bank lobby argues regulators must re-propose sweeping capital plan

A group of six major trade groups representing the banking industry said Tuesday they believe a recent sweeping proposal to hike bank capital requirements violates federal law due to insufficient analysis and must be redone.

In a letter sent to regulators, the group said the July proposal violates the Administrative Procedures Act because it lacked sufficient public data and analysis, and as a result it should be re-proposed.