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WASHINGTON, D.C. — America’s Community Bankers petitioned the Federal Housing Finance Board today to extend the comment period on its proposed capital plan requirements for the Federal Home Loan Banks.

In a letter to FHFB Acting Chairman William G. Apgar, ACB suggested a 180-day extension of the comment period, with issuance of final regulations by Nov. 12, 2001.

Currently, the FHFB’s comment period is set to end on Oct. 11, with a target date of Nov. 12, 2000, for issuing the final rule. The FHLBanks would subsequently have 270 days to submit their individual capital plans to the FHFB and a three-year time period to implement the plans.

In seeking the extension, ACB said that critical accounting, tax, capital and other financial issues cannot be adequately evaluated before the current Nov. 12, 2000 deadline.

ACB said that it wants the new capital structure to be implemented as soon as practicable, but that “implementing rules before their ramifications can be understood and a sound system developed will serve none of us well. This issue is of great importance to our members and the communities they serve. We urge you to extend the rulemaking process until the industry has the necessary information to make a new capital structure work.”

ACB’s letter is linked.