First source
Quote:
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November 1, 2007 OCC Approves Basel II Capital Rule
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Second source
Quote:
November 13, 2007
Banks subject to the final rule on a mandatory basis, the core banks, have up to six months to adopt an implementation plan. Of course, banks may always submit their plans earlier, and I understand that a number of core banks are working toward that goal. This deadline for submission of plans by core banks is intended to prevent delays in starting implementation efforts. However, the final rule provides flexibility and gives banks adopting Basel II ample time to fully meet the qualification requirements once they have adopted an implementation plan. Specifically, a bank's plan may include developmental goals for full implementation for up to thirty-six months from the effective date of the final rule.
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Sounds to me like when they were forced to meet the Basel II requirements, it exposed the crap the banks had been pulling and the shit hit the fan when they couldn't comply.
Would have been better to implement it in 2004, when it was first proposed.