Top banks intend to move forward with their capital plans after receiving a greenlight from the Federal Reserve on Thursday.

Wells Fargo (WFC) and Citigroup (C) obtained the Fed's approval and can now move forward with their capital plans, pending board approval.

Wells Fargo is proposing a dividend rate of 30 cents a share for the second quarter of 2013 along with an increase in common stock repurchase activity for 2013, the company said.

Citigroup is planning a $1.2 billion common stock buyback program through the first quarter and maintenance of current common stock dividends.

JPMorgan (JPM) was provisionally accepted, providing they revise their existing plans and re-submit them by the end of the third quarter to address underlying weaknesses.

JPMorgan announced that their capital plans include repurchasing an additional $6 billion of common equity between April 1, 2012 and March 31, 2014.

Furthermore, with board approval, JPMorgan plans to declare a first-quarter common stock dividend of 30 cents per share and intends to increase the firm’s quarterly common stock dividend to 38 cents a share, effective second quarter of 2013, said JPMorgan.

Jamie Dimon, chairman and chief executive officer of JPMorgan Chase said, "We are pleased to announce that our Board intends to increase our dividend in the second quarter, returning it to its highest level, and to continue our equity buyback program.  We anticipate reaching a Basel III Tier I common ratio of 9.5% by the end of this year after these capital actions and with the ongoing growth in our businesses."