As reported in the October 2006 Update, the four US federal banking agencies (FRB, OCC, FDIC, and OTS) released a Notice of Proposed Rulemaking (NPR) on the US implementation of the Basel II capital adequacy framework. In the NPR, the agencies set a public comment period through January 23, 2007. On December 26, 2006, the agencies published a NPR on the proposed capital rules for smaller banks, known as Basel IA. Because the agencies want banks to have the opportunity for a simultaneous review of the Basel IA and Basel II proposals, the agencies extended the comment period for the Basel II NPR until March 26, 2007, to coincide with the Basel IA comment period. The comment period for the market-risk standards NPR, which was released concurrently with the Basel II NPR, was not extended and, thus, terminated on January 23.