WASHINGTON (AP) -- The government will give U.S. banks more time to increase their capital cushions against losses, delaying the requirement after financial industry criticized the start date.
The Federal Reserve, the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency say they will not make the requirement take effect on Jan. 1. They did not announce a new date. Instead, they said they will work on finalizing the rules.
Regulators had proposed the Jan. 1 date in June. Afterward, financial industry officials complained that would not leave them enough time to comply.
Stricter capital requirements were mandated as part of the 2010 financial overhaul. All U.S. banks are expected to hold capital worth at least 7 percent of their assets, up from a current minimum of 2 percent.