U.S. banking regulators are reiterating their plans to adopt the revised global capital standards, known as Basel III, for large banks.
In a joint statement, the board of governors of the U.S. Federal Reserve, the Federal Deposit Insurance Corp. (FDIC), and the Office of the Comptroller of the Currency (OCC), reaffirmed their commitment to implementing the final standards issued by the Basel Committee on Banking Supervision, which were revised in response to the global financial crisis.
“The implementation of these standards for large banking organizations would strengthen the resilience of the domestic banking system and is a priority for the agencies,” it said.
The regulators noted that they will seek public input on the new capital standards for large banks in the U.S. before they’re adopted, and that they are currently developing a joint rule proposal.
The implementation date of the final Basel III standards was pushed back for a year to Jan. 1, 2023 due to the pandemic. The requirements are to be phased in over five years to 2028.