Industry and regulators argue over Basel II NPR conservatism and competition

The lead banking association and the regulator of state banks went head to head over how Basel II should be implemented in the US.

The US version of Basel II has diverged too far to be of use, testified the head of risk architecture for Citigroup to the Senate Committee on Banking. Speaking on behalf of the American Bankers Association (ABA), Jim Garnett told the committee that, while the goals of Basel II were good, the implementation of the revised Accord in the US was too dissimilar to

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