San Francisco-based lender Wells Fargo & Co. announced its plan to repurchase as much as $30 billion of its shares and boost its dividend.

The new buyback program will consider risk factors, current market conditions, and potential changes to regulatory capital requirements.

The company has increased its quarterly dividend by 17% to 35 cents per share.

During the year’s first half, Wells Fargo bought back $8 billion of its stock. The firm previously said it would look prudent with its excess capital as regulators weigh proposed changes to capital rules for the biggest US banks.

Chief Executive Officer Charlie Scharf said earlier this month, “While we expect to repurchase more common stock this year, we believe continuing to maintain significant excess capital is prudent until there is more specificity on the new bank capital requirements,”

Wells Fargo and its top rivals passed the Fed’s annual stress test last month, typically the most crucial part banks must clear to return capital to their investors.

“Our first priority remains investing in our risk and control infrastructure, but we are also investing in providing updated capabilities to our customers and supporting our employees and communities,” Scharf said Tuesday.