On December 7, 2017, the Federal Reserve Board, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation announced their joint support for the finalization by the Basel Committee of the "Basel III" agreement on bank capital standards, which were formulated initially in response to the financial crisis. The revised international standards will take effect in January 2022 and will be phased in over five years. The agencies announced that they will be considering how to best implement these standards in the United States, and that all proposed changes will be effected through the procedures of standard notice-and-comment rulemaking.
The Federal Reserve Board press release discussing the joint-agency announcement is available at: https://www.federalreserve.gov/newsevents/pressreleases/bcreg20171207b.htm, the FDIC press release discussing the joint-agency announcement is available at: https://www.fdic.gov/news/news/press/2017/pr17094.html and the OCC press release discussing the joint-agency announcement is available at: https://www.occ.treas.gov/news-issuances/news-releases/2017/nr-ia-2017-147.html.
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