In recognition of the fact that the NSFR needs considerable work, which is not yet under way, it is not scheduled to become effective until 2018. The LCR, on the other hand, will go into effect in 2015.
The Basel Committee has recently agreed to accelerate its review of the LCR so as to be able to make changes well before that date and, thereby, give firms and markets ample time to prepare and, as necessary, adjust. In the coming months, the Federal Reserve, after consulting with the other U.S. banking agencies, will be making recommendations for changes in the LCR.