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In response to the global financial crisis of 2007–08, the Basel Committee on Banking Supervision developed a new regulatory framework for banks, commonly referred to as Basel III. The Basel III framework aims to strengthen the regulation, supervision and risk management of the banking sector. Basel III is a voluntary framework, meaning that bank regulators in different countries can choose how and when to implement the framework in their respective countries.
Implementation of Basel III in the US
The Federal Reserve Board has implemented Basel III’s capital requirements according to the following timeline:
• On December 20, 2011, the Federal Reserve Board announced that it would implement substantially all of the Basel III capital requirements.
• On June 7, 2012, the Federal Reserve Board invited comments on the proposed capital requirements.
• On July 2, 2013, the Federal Reserve Board approved the capital requirements.
• On January 1, 2014, capital requirements started to phase in for large banking institutions. Most of these requirements became fully phased in during 2018.
• On January 1, 2015, the capital requirements started to phase in for all banking institutions. Most of these requirements became fully phased in during 2019.
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