Banking Associations Say Basel Proposal Violates Administrative Procedure Act
Several banking associations urged the Federal Reserve Board, the FDIC and the OCC to make public all data and analyses used to develop the recently proposed amendments on capital requirements for large banking organizations.
In a Letter addressed to the banking agencies, the Bank Policy Institute, American Bankers Association, the Financial Services Forum, the Institute of International Bankers and SIFMA said that the proposal, which would make capital requirements consistent with standards issued by the Basel Committee on Banking Supervision (see previous coverage), "omits necessary information." The banking associations argued that the banking agencies are in violation of the Administrative Procedure Act by precluding the public from utilizing all data and analyses used in support of the proposal. The associations asked that the banking agencies resubmit the proposal with a 120-day comment period.
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