Today at the Transnational Law Conference, Federal Reserve Vice Chair for Supervision Michael Barr stated that there will likely be significant changes to the Fed's current proposed capital regulation plan,with a particular eye towards operational risk.

Vice Chair Barr: "We're in the middle of a process of receiving all the comments… but I do think that a lot of the comments were thinking through how we should adjust the rule across really all the major areas of operational risk, credit risk, and market risk. And we're working very hard right now to see what that will look like."

"We expect to have a set of broad and material changes to the rule."

Barr's comments echo Federal Reserve Chair Jerome Powell earlier this month, who foreshadowed "broad and material changes" to the proposal.