U.S. banks are in much better shape than they were years ago, EY Global Chairman and CEO Mark Weinberger said Wednesday.
"Bottom line is they've got to get back into the business of lending, the business of going ahead and creating capital, and hopefully this will be turning the corner," he said in an interview with CNBC's "Closing Bell" from the Aspen Ideas Festival.
The Fed objected to the capital distribution plans proposed at Deutsche Bank Trust and the Santander U.S. operation. Regulators are also requiring Morgan Stanley to submit a new capital plan by the end of the fourth quarter of 2016.
Several banks began boosting stock buybacks and dividends on the news.