OCC’s Noreika: Volcker Fix Could Come in Spring 2018

The financial agencies’ long-awaited proposal to tailor the Volcker Rule could come in the spring of 2018, Acting Comptroller of the Currency Keith Noreika told reporters at an industry conference today. “Spring is probably what I would think is achievable,” he said. “I don’t think we’ve set any firm deadline yet, but that’s sort of what I would expect.”

As to what might be included in the proposal, Noreika said he would like to see the Volcker Rule exempt small banks to the extent possible under the statute. “If you can show there’s only cost to applying it to small banks, there’s no benefit, we may be able to satisfy that standard,” he said. The American Bankers Association has offered the agencies three recommended regulatory fixes that agencies can make to Volcker without congressional action.