OCC head indicates his plans to approve Basel III proposal

On July 2, Thomas Curry, comptroller of the currency, announced he plans to approve the nation's proposed final interpretation for the Basel III capital requirements.

That same day, the Federal Reserve Board voted in favor of their version of these capital guidelines that have been set forth by the Basel Committee on Banking Supervision. This recent progress comes after a period when market participants faced ambiguity over what the nation's government agencies would enact for capital requirements.

Curry emphasized that getting to this point in the rulemaking process required significant time and energy. He noted the various key areas that were focused on in creating the regulations. The head of the government agency noted that one major area of concern was how the capital guidelines would impact residential mortgages.

In addition to the nation's interpretation of the capital requirements being approved by both the Federal Reserve and the OCC, it must also be reviewed by the Federal Deposit Insurance Corporation. Thomas Hoenig, who is one of the top-ranking officials at this particular government agency, has repeatedly expressed his critical view of the Basel III requirements in the past.

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