November 9, 2012
The Federal Reserve, FDIC and the OCC announced today that the proposed Basel III rules would not become effective on January 1, 2013 as they had originally planned. The three Agencies stated the high volume of comments letters as the reason for their decision.
CBAI encouraged Illinois community bankers to submit comment letters detailing the negative impact of these misguided proposed Rules on their banks and communities. The regulators have already posted over a thousand letters on their websites to-date. At the Chicago Federal Reserve Community Bankers Symposium, Federal Reserve Governor Elizabeth Duke stated that the total number of comment letters being reviewed and posted will be approximately 2,000! Read CBAI’s comment letter
CBAI is encouraged with this impressive industry response and that the regulators have chosen to the take time to carefully review the thoughtful input from community banks about how these Rules will impact lending and their ability to serve their communities. Read Joint Regulator Press Release