June 27, 2017 / 2:03 PM / a month ago

Fed fines Bank of New York Mellon for overstating capital in 2010

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WASHINGTON, June 27 (Reuters) - The Federal Reserve on Tuesday fined Bank of New York Mellon $3 million for overstating its capital ratios after an error in how it measured the risks in a portfolio of assets.

The error occurred in 2010 after a rules-change in how Wall Street would measure the risk of investments and how much capital it had to hold against possible losses, the Fed said in a statement.

Bank of New York is now in compliance, the Fed reported. (Reporting By Patrick Rucker)

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