Noting that “the agencies still have work to do” to reform the Volcker Rule, FDIC Chairman Jelena McWilliams today emphasized that greater clarity is needed about which activities are covered by the rule.
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In a comment letter to the financial regulatory agencies today, the American Bankers Association offered feedback on a recent joint proposal to harmonize the Volcker Rule regulations with the S. 2155 law.
The financial regulatory agencies today issued a proposed rule to implement a section of the S. 2155 regulatory reform law that grants an exemption from the Volcker Rule for community banks.
Led by Senate Banking Committee Chairman Mike Crapo (R-Idaho), seven Republican senators today endorsed efforts to revisit the Volcker Rule and urged the agencies to go beyond their proposed policy changes in making fixes to the complex rule.
The House by a vote of 217 to 199 today passed H.R. 6147, a minibus appropriations bill which included a number of financial services provisions backed by the American Bankers Association.
The federal financial regulatory agencies have published in the Federal Register a long-awaited set of proposed changes to the Volcker Rule that are expected to simplify the rule’s compliance burden and better target its effects toward intended activities.
In addition to outlining their approach to company-run stress testing and enhanced prudential standards in light of the new regulatory reform law, the agencies today also announced how they intend to approach the implementation of several other provisions of S. 2155.
The OCC is hoping to issue a long-awaited advance notice of proposed rulemaking on the Community Reinvestment Act in the coming weeks, Comptroller of the Currency Joseph Otting said today, and it has been waiting in order to build consensus with other banking agencies.