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The BCBS oversight body endorsed the Committee's new Charter and amendments to the Liquidity Coverage Ratio (LCR) as part of the Basel III reforms, on January 6, 2013.
According to the Bank for International Settlements press release, the amendants to LCR are "a clear commitment to ensure that banks hold sufficient liquid assets to prevent central banks becoming the 'lender of first resort.'" The new Charter explains BCBS mandate and processes: "The BCBS is the primary global standard-setter for the prudential regulation of banks and provides a forum for cooperation on banking supervisory matters. Its mandate is to strengthen the regulation, supervision and practices of banks worldwide with the purpose of enhancing financial stability."
