Browsing: Volcker Rule
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.
As the FDIC board and the OCC today formally proposed the interagency revisions to the Volcker Rule that were unveiled by the Federal Reserve yesterday, the banking agencies are no longer enforcing Volcker for banks and holding companies subject to the exemption under the recently enacted S. 2155 regulatory reform bill.
The Federal Reserve Board today unanimously voted to propose a long-awaited set of changes to the Volcker Rule that is expected to simplify the rule’s compliance burdens and better target the rule’s effects toward intended activities.
President Trump today signed S. 2155 — which was passed earlier this week by a bipartisan majority in the House — into law.