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Thursday, August 9, 2012

ABA Statement on Basel III Comment Period Extension

ABA President and CEO Frank Keating made a statement yesterday evening regarding the regulators decision to extend the Basel III comment period deadline.
ABA applauds the decision to give banks and their customers more time to comment on the Basel III proposal. Nothing is more central to running a bank than how an institution counts and manages its capital, which serves as a vital cushion against the inevitable losses that occur in the lending business. The Basel plan... is in many ways a bad fit for the American economy. While having adequate capital is an important idea that bankers support, these new rules would make it more difficult for banks to make mortgage loans and support businesses...

At more than 1,000 pages, the rules are enormously complex — they will affect the entire economy and all of us in it. Our industry needs to take the time to fully understand their potential impact and let regulators know what the rules will mean for bank customers, farms and communities across the country.
Read Keating's full statement.

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