There is always an "observed" ruling that the observer does not have total info on. Thus, a sound byte gets out like this one.
While I don't do Fed, your account of the ruling is a PIROOMA to me.
There's got to be more to this than just being higher than the chin. F'rinstance, were the hands continuing to creep down slowly? That means he's NOT set, so yes that would be a balk.
This question is best answered by Fed umps, but I sense there is something missing here.
He shall come to a complete and discernible stop (a change of direction
is not considered an acceptable stop) with the ball in both hands in front of the
body and his glove at or below his chin.
FED Case Play
6.1.3 SITUATION N: With R1 at third and R2 at first, F1 comes to a complete
stop with his glove partially above his chin. Is this legal? RULING: This is legal.
Bottom line - it's only a balk if the entire glove is higher than the chin.