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Wells Fargo - Basel III Compliance? Joint Press Release

Thursday, April 2, 2015 15:44

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Joint Press Release

Board of Governors of the Federal Reserve System

Office of the Comptroller of the Currency

For release at 2:30 p.m. EDT

March 31, 2015

Agencies Permit Wells Fargo to Begin Using Advanced Approaches Framework to Determine Risk-Based Capital Requirements

The Federal Reserve Board and the Office of the Comptroller of the Currency today announced that they have permitted Wells Fargo and its subsidiary national banks to begin using the “advanced approaches” capital framework starting in the second quarter of 2015.

Under this framework, firms must meet specific risk-measurement and risk-management criteria when calculating their risk-based capital requirements. The framework implements standards developed by the Basel Committee on Banking Supervision and applies to large, internationally active banking organizations–generally those with at least $250 billion in total consolidated assets or at least $10 billion in total on-balance sheet foreign exposure–and includes the depository institution subsidiaries of those firms.
Before a banking organization may use the advanced approaches framework, it must conduct a satisfactory trial, or “parallel run,” using the framework. Under the supervision of its regulator, a firm must show it can comply with the framework during the parallel run period for at least four consecutive calendar quarters by using risk-measurement and risk-management systems that adhere to the advanced approaches framework.
Wells Fargo and Company and its subsidiary national banks (Wells Fargo Bank Northwest, National Association; Wells Fargo Bank South Central, National Association; Wells Fargo Bank, National Association; and Wells Fargo Financial National Bank) have each completed a parallel run. These firms will use the advanced approaches framework to calculate and publicly disclose their risk-based capital ratios beginning in the second quarter of 2015. The firms must meet the minimum risk-based capital ratios under both the advanced approaches and the generally applicable risk-based capital frameworks.

Media Contacts:
Federal Reserve Board Eric Kollig 202-452-2955
OCC Stephanie Collins 202-649-6870

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