There is, of course, no expectation that under Basel II the U.S. regulatory structure will change in terms of the legal mandates assigned to each agency.
As the ANPR states, an institution’s primary federal supervisor would have responsibility for determining an institution’s readiness for an advanced approach and ultimately would be responsible, after consultation with other relevant supervisors, for determining whether the institution satisfies the supervisory expectations for the advanced approaches. And this procedure will obviously apply at both the bank and bank holding company level in the United States.