In July 2013, the Federal Reserve Board approved a final rule that will increase the minimum requirements for both the quantity and quality of capital held by banking organizations.  According to the press release, the final rule "minimizes burden on smaller, less complex financial institutions" while "establish[ing] an integrated regulatory capital framework that addresses shortcomings in capital requirements, particularly for larger, internationally active banking organizations, that became apparent during the recent financial crisis."  The rule will implement the Basel III regulatory capital reforms from the Basel Committee on Banking Supervision as well as changes that the Dodd-Frank Wall Street Reform and Consumer Protection Act requires.