ABA Continues Push for Significant Revisions to Volcker Rule

The American Bankers Association today urged the OCC to work with other federal agencies in fixing the Volcker Rule, improving its efficacy and aligning it more closely with the objectives of the statute in the Dodd-Frank Act. The letter — filed in response to the OCC’s request for information about Volcker changes — recommended changes to the regulation’s scope, proprietary trading and covered fund requirements, affiliate transaction requirements and compliance obligations.

ABA also encouraged the agencies to work on a common set of exam procedures that can be applied across the banking industry. The letter is part of the latest ABA push for significant revisions to the Volcker Rule. The association anticipates further movement toward Volcker reform at the agencies in the coming months. For more information, contact ABA’s Tim Keehan.