US banks reveal 'mandatory' status in CP3 comments

Many US banks chose to reveal that they were designated so-called 'mandatory banks' in their responses to the third consultative paper (CP3), issued by the Basel Committee on Banking Supervision in late April.

As a result, BaselAlert.com can now confirm that the following banks will be listed as so-called ‘mandatory banks’ by the US regulators: Bank of America, Bank of New York, Bank One, Citigroup, Fleet Boston, JP Morgan Chase, MBNA, State Street, Wachovia and Washington Mutual. The US’s advance notice of proposed rule-making (ANPR), issued in mid-July, defined banks that will have to adopt Basel II’s advanced operational and credit risk approaches as those with total banking assets of $250

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