Throughout the Basel II process, we have been engaged in dialogue with our international counterparts through various avenues, such as supervisory working colleges, to share ideas and tackle specific issues as they arise. Some of these issues are very institution- and country-specific and are, therefore, better addressed through individual conversations with an institution and its relevant supervisors.
The Federal Reserve continues to be an active participant in supervisory working groups for all large U.S. and foreign banking organizations in the United States. We are encouraged by the level of cooperation and pragmatism coming out of these efforts.