The Office of the Comptroller of the Currency, the Federal Reserve Board, and the Federal Deposit Insurance Corporation issued a report to Congress. As of September 30, 2024, they found no major differences in the accounting and capital standards for the banks they oversee. While there are some minor differences concerning definitions and rules, these do not significantly affect the institutions. The report highlights how certain rules apply differently to specific banking groups due to legal and regulatory requirements.
Simple Explanation
The report shows that three important groups who watch over banks found that they all mostly follow the same rules for how banks should manage their money. Even though there are small differences in the rules for some banks, these don’t change things too much.