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Entry Submitted by SC GAL at 11:50 PM ET on January 13, 2024
I’ve worked for the Comptroller of the Currency as a bank examiner and for several banks over the years as the Compliance Officer (making sure banks put procedures in place to comply with existing and new laws/regulations). Below is what I shared today (with my sister and friends who are in this journey too) when I saw the post in Judy’s Restored Republic report. No blame at all on Judy – it was a bad headline title by article author to get folks to read it.
www.americanbanker.com/list/basel-iii-endgame-5-things-to-watch-in-2024
Bad title for article in Am. Banker magazine. Not sure what their objective was, for it is unusual for them to misrepresent information. Below is what the article said:
“Tuesday, Jan. 16 is the deadline for the public to comment on a joint proposal from the Federal Reserve, Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency that would rewrite capital obligations for all banks with at least $100 billion of assets.”
- It is normally 6 mos. or more before a final rule is issued after the comment period ends, and it could even be another year before the effective date of the new requirements!
- Also, there are very few banks in the US this large.
- Article says banks are fighting the proposed requirements because the requirements are higher than what Bank of England and EU Banks are required to have.
- Good chance this rule will never be put into place as currently proposed.
- Most certainly this will NOT cause banks to collapse in the next couple of weeks!1
SC GAL
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