U.S. banking regulators proposed a rule required by theDodd-Frank Act that would strip credit- ratings references fromquality standards used in evaluating investment portfolios.

Under the proposal released today by the Office of theComptroller of the Currency, banks would have to seek alternativemeasures of creditworthiness in investment securities, securitiesofferings, and foreign bank capital equivalency deposits. Theagency said in a statement that it would take public comments onthe proposal for the next 30 days.

“National banks and federal savings associations would beexpected to continue to maintain appropriate ongoing reviews oftheir investment portfolios,” the OCC statement said, requiringbanks to verify they meet safety standards “appropriate for theinstitution's risk profile.”