The Fed said in a release that big banks will be required to suspend share buybacks and cap dividend payments at their current level for the third quarter of this year. The regulator also said that it would only allow dividends to be paid based on a formula tied to a bank’s recent earnings. Furthermore, the industry will be subject to ongoing scrutiny: For the first time in the decade-long history of the stress test, banks will have to resubmit their payout plans again later this year, and restrictions on payouts could remain in effect. They may have to repeat this cycle every quarter, the regulator said. Bank stocks slumped after the close of regular trading in New York. Shares of Wells Fargo, which had climbed during the day, gave back some of those gains, falling 3.3%. Goldman Sachs slumped 3.9%. JPMorgan Chase dropped 1.9%.