The US Federal Reserve (Fed) announced on Wednesday that the American divisions of HSBC and RBS were among five banks that failed to present acceptable capital plans as part of its Comprehensive Capital Analysis and Review (CCAR) due to "qualitative concerns".The Fed approved the capital plans of 25 out of the 30 bank holding companies participating in the CCAR. However, "based on qualitative concerns, the Federal Reserve objected to the capital plans of Citigroup Inc.; HSBC North America Holdings Inc.; RBS Citizens Financial Group, Inc.; and Santander Holdings USA, Inc. The Federal Reserve objected to the capital plan of Zions Bancorporation because the firm did not meet the minimum, post-stress tier-1 common ratio of 5% ," the Fed said in its statement. This year's test was the first time that the Fed included US units of several large European banks and although it did not provide many details on how it reached its decision, the monetary authority cited "inadequate governance and weak internal controls" with regard to the capital planning procedures at the HSBC and RBS units. Spain's Santander faced similar objections from the US monetary authority in addition to concerns over the bank's risk management. Notably, Citigroup was the only major US bank to fail the Fed's review. However, Bank of America and Goldman Sachs had to submit "adjusted capital actions" in order to meet minimum capital requirements, before their plan was finally approved.As far as the rest of the participants, the Fed did not object to the capital plans for Ally Financial ; American Express; The Bank of New York Mellon Corporation; BB&T; BBVA Compass Bancshares; BMO Financial; Capital One Financial; Comerica; Discover Financial Services; Fifth Third Bancorp; Huntington Bancshares; JP Morgan; Keycorp; M&T Bank; Morgan Stanley; Northern Trust; PNC Financial Services; Regions Financial; State Street; SunTrust Banks; US Bancorp; UnionBanCal; and Wells Fargo. JM