On January 21st, the federal banking and thrift regulatory agencies released the final risk-based capital rule related to the Financial Accounting Standards Board's adoption of Statements of Financial Accounting Standards Nos. 166 and 167. These new accounting standards make substantive changes to the ways in which banking organizations account for many items, including securitized assets, that previously had been excluded from these organizations' balance sheets. The rule provides an optional phase-in for four quarters of the impact on risk-weighted assets and tier 2 capital resulting from a banking organization's implementation of the new accounting standards. There is no delay or transition as the rule relates to the Tier 1 leverage ratio, and there is no relief where banks have provided implicit or voluntary support of such structures. The final rule will be effective 60 days after publication in the Federal Register, which is expected during the week of January 25. Banking organizations may choose to comply with the final rule as of the beginning of their first annual reporting period after November 15, 2009. Joint Agency Press Release.