The FDIC, Federal Reserve and Office of the Comptroller of the Currency announced today that they have extended the period for public comment on the proposed capital requirements for banks with more than $100 billion in assets to Jan. 16, 2024. At the same time, the Fed announced it has extended the comment period until the same date for a separate but related proposal to modify the capital surcharge for large banks.
Comments on the proposed capital requirements—which would implement the “Basel III endgame”—originally were due Nov. 30. In addition to pushing back the comment deadline, the Fed said it would begin collecting data to gather more information from the banks affected by the proposal. That data collection will also end on Jan. 16, 2024.
Earlier this month, the American Bankers Association joined five other associations in requesting an extension of the comment period, as well as requesting a public study into the costs of the proposed rule. In a statement today, ABA said while it appreciated the comment period had been extended, that wasn’t enough to fix “a fundamentally flawed process.”
“The new deadline would still require the public to comment on the proposed capital changes before anyone has a chance to evaluate the data collected by the quantitative impact study, which simply makes no sense,” ABA said. “Given the potential impact this rulemaking could have on the U.S. economy, we again call on the regulatory agencies to withdraw and re-propose the rule to allow for a full assessment of the data underlying the proposal. This is too important to get wrong.”