ABA is asking bankers and state association executives to write to the Federal Reserve, FDIC, and OCC to urge them to extend the comment deadline on their three joint proposals to implement the Basel III regulatory capital reforms. The proposals would increase the minimum levels of required capital, narrow the definition of capital, and increase the risk-weights assets for various asset classes.
Read the proposals.
The comment deadline is currently September 7, and we are seeking an extension of at least 90 days in order to provide sufficient time to examine the proposals properly and to fully inform the regulators of their impact.
Bankers should write individual letters in their own words in order to have the greatest impact on the regulators’ decision – the regulators dismiss form letters. A sample letter is available here.
Read the sample letter.
House Financial Services Committee Chairman Spencer Bachus (R-AL) also has asked the regulators to extend the comment deadline, writing in a letter yesterday that “a longer comment period will lead to more substantive comments, which in turn will be much more useful to reviewers.”
Read Chairman Bachus' letter.