On February 28, 2007, the Federal Reserve and the other federal banking agencies issued a request for comment on three proposed supervisory guidance documents. The agencies issued these proposed guidance documents to assist banks in addressing the qualification requirements laid out in the notice of proposed rulemaking for the Basel II risk-based capital requirements (Basel II NPR).

The three proposed supervisory guidance documents address:  internal ratings-based (IRB) systems for credit risk, advanced measurement approaches (AMA) for operational risk, and the supervisory review process (Pillar 2). The proposed IRB and AMA guidance documents have been updated and expanded upon since they were previously issued for public comment in 2003 and 2004. The proposed Pillar 2 guidance document is being issued for comment for the first time.