Today is the effective date of the Volcker Rule. Banks must have their compliance programs in place, and examiners will be reviewing banks’ compliance with the Volcker restrictions on proprietary trading and covered fund investments.
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Despite regulators’ action — and ABA’s lawsuit — after the Volcker Rule to protect existing bank investments in trust preferred securities, community bankers are facing the same issue as the Basel III capital standards come into effect, ABA VP Hugh Carney wrote in an American Banker op-ed today.
Just two months remain before the Volcker Rule goes into effect on July 21, and ABA will host a conference call on Wednesday, May 27, to allow bankers to discuss exam preparedness and Volcker-specific compliance issues.
Federal Reserve Governor Jerome Powell today acknowledged that many post-financial crisis regulations not aimed at community banks are nonetheless affecting them.
Senate Banking Committee Chairman Richard Shelby (R-Ala.) today released a draft of a sweeping financial reform bill that would provide regulatory relief for banks of all sizes, tailor the regulatory structure for systemically important banks and begin restructuring within the Federal Reserve System and at Fannie Mae and Freddie Mac.
FDIC Vice Chairman Thomas Hoenig today became the latest regulator to emphasize the need to tailor regulations to suit banks’ risk profiles and business models, suggesting several ways that regulatory burdens could thus be lightened for “the vast majority of commercial banks.”