Resources for Basel II Capital Accord (Basel II)

OMB Clears US Bank Basel II Cap Rules Implementation

money.cnn.com/

The Office of Management and Budget approved the implementation of modernized capital rules for U.S. banks Thursday, clearing a major hurdle for financial institutions as regulators try to align international standards known as Basel II.

The OMB's approval was necessary because two of the bank regulators that wrote the rules - the Office of the Comptroller of the Currency and the Office of Thrift Supervision - are divisions of the Treasury Department.

Comptroller of the Currency John Dugan praised the development Thursday and said Basel II would make major improvements to risk management at banks. But Dugan also acknowledged that it was unlikely U.S. regulators and banks would be ready to begin a 12-month test of Basel II by Jan. 1, 2008.

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