American Express Co. has formally asked regulators to allow it to pay back preferred shares it issued to the government after a federal stress test showed the firm does not need additional capital.

“Based on the results of the test, we have filed a request with the Federal Reserve Board of Governors and the Department of the Treasury to repay the $3.4 billion of preferred shares issued to the Treasury,” said Kenneth Chenault, Chairman and CEO of American Express.

Federal guidance indicates that the company will be allowed to repurchase the shares if it can issue long term debt in public markets that is not backed by government guarantees.