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Wednesday, August 8, 2012

State Associations Urge Basel III Comment Extension

Fifty-four state associations yesterday urged federal banking regulators to extend the comment period for their joint proposed rules implementing the Basel III capital reforms.

In a joint letter to the FDIC, Federal Reserve and OCC the associations stated:
We want to provide ... you with the very best information possible to aid you in completing rules that have the best impact on our banks, the industry, as well as on local and national economies. Our members will find it difficult in the extreme to provide that kind of quality and necessary information to you by September 7, 2012.
The trade groups noted that the proposed rules have yet to be published in the Federal Register, and they requested that the comment period be extended to at least 90 days from the rules’ formal publication.

Read the letter.

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