WASHINGTON — Federal regulators made several key concessions Wednesday in approving a final liquidity rule for the largest banks, but stopped short of making some of the biggest changes requested by the industry.

The rule implementing a new "liquidity coverage ratio" did not accommodate an industry request to include municipal securities among so-called "high-quality liquid assets" banks must hold as a liquidity buffer. Yet the Federal Reserve Board, Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency still eased several other requirements, and Fed officials signaled that the agencies plan to explore a future rulemaking that may add municipal securities to the list.

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