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Friday, November 9, 2012

Federal Agencies Delay Basel III Effective Implementation Date

Federal banking regulators issued a statement today stating they do not expect any new proposed capital requirements to take effect Jan. 1, 2013 after many industry participants have expressed concerns that banks would not have enough time to comply with the rules.

In a joint press release, the Federal Reserve, OCC and FDIC said:
In light of the volume of comments received and the wide range of views expressed during the comment period, the agencies do not expect that any of the proposed rules would become effective on January 1, 2013...[T]he 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. As with any rule, the agencies will take operational and other considerations into account when determining appropriate implementation dates and associated transition periods.
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