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Fed extends comment period on Basel III proposal

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Banking, Financial Stability
Friday, October 27, 2023

The Federal Reserve recently announced it will extend the comment period for its proposed Basel III Endgame capital proposal to Jan. 16, 2024.

The Fed stated the extended submission deadline is intended to increase the amount of data gathered from banks affected by the agency’s new capital proposal, which was announced earlier this year.

Additionally, the Fed has extended the comment period for the agency’s proposed capital surcharge modifications for the nation’s largest, most complex banks to Jan. 16, 2024. The Fed initially requested comments on both proposals to be submitted no later than Nov. 30.

The Fed hopes additional data will further clarify the estimated effects of the proposal and be used to inform any final rule, with summaries to be made public.

In July, alongside the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp., the Fed requested comment on its Basel III capital proposal, which the agency noted in a press release is “the last major bank regulatory plank designed to address failures from the global financial crisis of 2007-2008.”

Capital changes included in the proposal would only apply to banks with $100 billion or more in total assets. It is also designed to strengthen the banking system to reduce the risk of future financial crises.

The Consumer Bankers Association, which represents many of the country’s largest financial institutions, has contended, given the breadth and potential impact of the proposal, banks would need more time to assess its implications.

“It will take time to fully digest the significant changes to the current Basel framework included in today’s 1,000-plus page proposed rule as well the implications they will have on banks, consumers, small businesses, and the broader economy,” CBA President and CEO Lindsey Johnson said in a July statement. “Therefore, it is essential that policymakers take steps to fully understand its costs and benefits in the months ahead while also seriously considering industry feedback ahead of issuing a final rule.”

Proponents of more stringent standards on the country’s largest financial institutions, such as Sen. Elizabeth Warren (D-Mass.), have advocated for the Fed not to bow to industry pressure to lessen the impact of the proposal. Warren wrote to Fed Chairman Jerome Powell in September urging him to act swiftly in adopting the new Basel III requirements.

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