For financial institutions worried about the anticipated January 1st implementation of new federal regulatory capital rules, you can now breathe a little easier.
On November 9th, the Federal Reserve Board, FDIC, and OCC jointly issued a notice that the new rules will not go into effect on January 1st, as originally announced. The delay was attributed to the large number and divergence of comments submitted after the new rules were announced in June.
The agencies did not establish a formal date by which the rulemaking would be complete, but did offer the following statement: “As members of the Basel Committee on Banking Supervision, the U.S. agencies take seriously our internationally agreed timing commitments regarding the implementation of Basel III and are working as expeditiously as possible to complete the rulemaking process.”
For more information, see the November 9th Press Release of the three federal banking agencies.