CHICAGO — Federal Reserve Board Gov. Daniel Tarullo said Thursday that regulators should consider modifying — or completely eliminating — outdated regulatory requirements that are no longer appropriate given other recent reforms to the system.

Tarullo, who heads bank supervision at the Fed, specifically endorsed scrapping Basel II's internal ratings-based approach to risk-weighted capital requirements, which is applied to all U.S. bank holding companies with at least $250 billion in assets.

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