Fed's Bies on the Bank Secrecy Act and Basel II

In the speech 'Home Mortgage Disclosure Act, Bank Secrecy Act, and Capital Issues' given on 31 March Susan Schmidt Bies of the Federal Reserve said U.S. regulators are very sensitive to the competitive implications of having two sets of rules for the banking industry.

"Regulators recognize that Basel I can be enhanced and that the Basel II standardized approach is not well suited to the needs of the vast majority of our domestic-focused community banking organizations. Accordingly, to enhance

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