Volcker Rule

The Office of the Comptroller of the Currency (OCC) has published instructions and technical specifications for preparing and submitting quantitative measurements relating to the Volcker rule.

The compliance date for the final rule that was passed in November 2019 is Jan. 1, 2021. The OCC noted some community banks are exempt from these requirements.

Read on for more details.

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The Federal Deposit Insurance Corp. (FDIC) approved changes at its board meeting June 25 in which the financial federal regulators approved rules modifying the Volcker Rule and the swap margin rule, along with codifying the FDIC’s standards on valid-when-made.

The changes were all supported by the leaders of the FDIC, the Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau. The vice chairman of the FDIC, Martin Gruenberg, voted against all three rules.

Read on for details of the changes, along with reaction from the regulators, industry and consumer groups.

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The five federal financial regulatory agencies recently published a final rule intended to simplify implementing regulations of Section 13 of the Bank Holding Company (BHC) Act, commonly known as the Volcker Rule.

The final rule revises numerous provisions of the Volcker Rule, intended to provide clarity and streamline compliance obligations based on trading assets and liabilities.

Learn more about changes enacted by the rule.

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Bankers’ calls for a tailored, streamlined approach to enforcing the regulatory framework implementing Section 619 of the Dodd-Frank Act provision, commonly known as the “Volcker Rule,” have been answered by a newly finalized joint agency rule revising provisions governing banks’ ability to engage in proprietary investment activities.

Regulators and banking industry advocates assert that the final rule will bring appropriate regulatory relief to the banking industry without compromising safety and soundness. However, credit union advocates and consumer groups have cast doubts on the latter notion.

Learn more details about the newly finalized rule.

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A new rule adopted by five federal financial regulatory agencies would exempt community banks from Volcker Rule requirements, implementing a section of the Economic Growth, Regulatory Relief, and Consumer Protection Act, which passed in May 2018.

Under the final rule, which does not vary from the proposal, regulators exempt from Volcker Rule compliance obligations community banks with $10 billion or less in total consolidated assets and total trading assets and liabilities of 5 percent or less of total consolidated assets.

Learn more details about the rule and what it means for community banks and other institutions.

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The Office of the Comptroller of the Currency (OCC) recently laid out its priorities for 2019 in its annual report, which include measures designed to reduce regulatory burdens while continuing to promote safety and soundness in the banking sector. It also indicates that 2018 saw the fewest OCC-issued supervisory notices in 12 years.

Many of the OCC’s recent actions, and those it is planning to take in the coming months, involve implementing provisions of the Economic Growth, Regulatory Relief, and Consumer Protection Act.

Find out more details about the report.

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Five federal financial regulators are seeking comments on a proposed rule that would exclude community banks from Volcker Rule restrictions. The jointly proposed rule implements a provision of the Economic Growth, Regulatory Relief, and Consumer Protection Act.

FDIC Board Member Martin Gruenberg detailed what he believes should be considered when crafting such exemptions during a recent meeting with the FDIC Board of Directors, including asset thresholds and collateralized debt obligations.

Find out more details about how the exemption would impact community banks. 

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The Volcker Rule Regulatory Harmonization Act, which would give the Federal Reserve Board of Governors sole authority to make rules under Section 619 of the Dodd-Frank Act, recently passed the House with significant bipartisan support.

The legislation also would exempt community banks from Volcker Rule requirements, and stipulate Volcker Rule supervisory jurisdiction for banking agencies.

Find out more details about what the legislation would mean for the industry if enacted.

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The House Financial Services Committee recently passed eight bills proposing various provisions included in the Senate’s recently approved regulatory relief package and that originated in the House’s Financial Choice Act.

Several of the bills propose regulatory relief provisions that involve amending federal statutes, including the Dodd-Frank Act.

Find out what provisions are included in the various legislative pieces.

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During a speech addressing a group of international bankers, Federal Reserve Vice Chairman for Supervision Randal Quarles addressed forthcoming Volcker Rule changes that are in the works, as well as the possibility of enhancing prudential standards for international banks.

Noting that he believes the Volcker Rule represents “an example of a complex regulation that is not working well,” Quarles said the federal banking agencies expect to soon solicit public feedback regarding their proposed revisions to the rule’s compliance regimen and the definitions of complex terms implementing statutory requirements of the Dodd-Frank Act.

Find out more details about what the federal banking regulators want to change about the Volcker Rule and prudential standards for international banks.

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