U.S. May Give Calfed a Break on Capital Rules : Thrifts: Regulators are expected to cut the amount the S&L; must have as a financial cushion from $375 million to about $225 million.

California Federal Bank is being given breathing room by federal regulators to bolster its tenuous financial condition, but still must meet strict capital targets in 1993, the thrift disclosed Wednesday.

Under an agreement with regulators, the nation’s fifth-largest thrift will file a new plan this month on how it will reach agreed-upon targets for capital, the financial cushion that protects against losses.

If regulators agree to the plan as expected, the Los Angeles unit of Calfed Inc. won’t have to meet a more onerous proposal that could have required it to come up with a huge $375-million infusion. Calfed instead will have to come up with from $200 million to $225 million.

That won’t be easy. Analyst Lawrence Vitale of Kemper Securities Group in Chicago noted that Calfed’s stock has a market value of only $100 million.

Calfed Chief Executive Jerry St. Dennis said the targets may be hard to meet, but that “this is in the feasible and attainable range.”

Calfed has been hurt by soft real estate markets, but still meets its three federal capital requirements, although not by much.

Calfed’s new plan hinges on two things: that California’s economy and real estate markets don’t collapse and that Calfed’s bondholders go along. They will be offered stock for their bonds under an exchange that would free up about $100 million Calfed holds to service those bonds.

Under the new targets, Calfed must boost one capital level tied to the riskiness of its assets to 9% by next June 30 from 7.34% now and to 10% by 1995. Another “core” capital requirement--which includes some intangible assets-- must be increased from 3.92% now to 5% by next June 30.