NAR Submits Comments on Proposed Basel III Rules
On July 26, 2012, a coalition of organizations, including NAR, submitted comments to regulators regarding the proposed Basel III capital rules. The letter asks regulators to extend the comment period from 90 to 150 days and requests them to study Basel III's potential impact on real estate. Comments on the proposed rules are currently due by Sept. 7, 2012.
On June 12, 2012, the Federal Reserve, OCC and FDIC proposed regulations implementing the Basel III capital accords. Basel III is an international agreement that updates capital and liquidity requirements for banks and other financial institutions. These regulations will likely impact the ability of businesses to raise capital and increase their costs of borrowing.