Fed gets a pasting over capital rules
WASHINGTON, DC – The new capital rules for non-Basel II banks in the US received a pasting in comments from firms and industry bodies posted on regulatory websites in late January.
New York-based JP Morgan Chase said the proposals contained in the advance notice of proposed rulemaking published on October 20, 2005 created an "additional regulatory burden" for banks adopting Basel II. "We are strongly opposed to the use of Basel IA capital calculations as a floor for Basel II capital," said the firm in its response letter to the US banking agencies. It attacked the proposals for heaping additional compliance costs and complexity on Basel II firms, and for being a "hybrid
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