The Federal Reserve is expected to make changes to banking regulations in the coming weeks, and that displeases the head of the nation’s largest financial institution, The Washington Post reported.

Chairman and CEO Jamie Dimon of JPMorgan Chase, which acquired the failing First Republic Bank earlier this month, said,  “Our government invited us and others to step up, and we did." He had previously termed a proposed requirement for banks to increase their capital reserves “bad for America.” The Fed is expected to announce such a move, along with a toughening of banks’ annual stress tests and a changing of the accounting rules for low-risk government securities, within weeks.

Michael Barr, the Fed’s vice chair for supervision, has already begun a review of capital standards.

The new requirements could increase the amount of capital that banks are required to hold by 20 percent, a new report from PwC stated. “Industry participants are preparing for this to be the most consequential change to US banking regulation since the 2010 passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act, as it will have far reaching implications for economic growth, credit availability, market liquidity, and financial stability,” the report states.

“The biggest focus will be the midsize regional banks. That’s where the thrust of the changes are going to be,” Karen Petrou, managing partner of Federal Financial Analytics, told the Post. “But the endgame will affect JPMorgan. It is likely to significantly increase capital requirements for some of the biggest banks.”

Dimon and other bankers have claimed that new rules could lead to more consumers seeking out lending by non-bank institutions such as private finds and so-called “shadow banks.” These non-bank institutions provide nearly 60 percent of all credit to U.S. businesses and consumers, according to the Fed, and are more lightly regulated than banks.

“All the banks are going to face increased scrutiny,” Dave Schabes, an assistant instructional professor at the University of Chicago’s Harris School of Public Policy, told the Post.

Industry representatives routinely dismiss the need for higher capital requirements, the Post reported.

The Fed’s risk-weighted approach to financial institutions contributed to the regional banking crisis by encouraging banks to hold U.S. government securities that regulators regarded as zero-risk, Dimon said last month in his annual letter to shareholders.