Fed Makes It Rain! Banks Gets the OK To Pay $8.7 Billion in Dividends!

The federal gives the green light to lift restriction oversight for the first time since banks were forced to cut dividends during the financial crisis in 2008. This signifies a dividend payment of $8.7 billion to U.S. shareholders this year. The Wall Street Journal reports:

Minutes after the Federal Reserve privately notified some financial institutions that they passed a new round of regulatory "stress tests," a half-dozen sent out a flurry of statements Friday detailing the new payouts. Three more banks said they may raise dividends without specifying the amounts, likely providing another $3.4 billion for shareholders this year, according to research firms SNL Financial LC and RBC Capital Markets LLC.