Fed OKs 16 bank capital-return programs but rejects two.

The Federal Reserve has approved the capital return plans of 14 banks and rejected two - those of Ally and BB&T (BBT). Goldman Sachs (GS) and JPMorgan (JPM) received conditional approval and were asked to resubmit their programs by the end of Q3 to "address weaknesses in their capital planning processes." JPM wants to raise its dividend to $0.38 from $0.30 and repurchase $6B in shares. Goldman's intentions weren't disclosed.