Title IX

The five federal regulators have proposed numerous changes to the Volcker Rule intended to reduce compliance burdens for financial entities.

By eliminating or modifying requirements the agencies believe are unnecessary to effectively implement the rule’s provisions, regulators hope to streamline it without diminishing the safety and soundness of banking entities.

Find out details about what the regulators are proposing to change and what impact the proposal could have on the industry.

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.

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.

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.

With the major shift in the regulatory environment since President Donald Trump took office, financial trade advocates are hoping to make the most of any opportunity to get Congress to advance legislative policies for which they long have advocated.

Representatives from the Consumer Bankers Association, the Credit Union National Association and the Independent Community Bankers of America spoke with Dodd Frank Update about opportunities they see for change that could help banks and credit unions by alleviating burdens and building a regulatory environment for the modern age of financial services.

Read on to learn more details.

The Supreme Court recently settled a running debate about under what circumstances a whistleblower should receive protection from the Securities and Exchange Commission (SEC) with a unanimous ruling to dismiss charges levied by a fired employee against his former company.

The high court’s interpretation of what defines a “whistleblower” under federal law becomes the law of the land moving forward.

Find out more about how the justices reached their decision.  

Financial professionals hoping for a revamp of the Dodd-Frank Act provision that restricts banks from making certain speculative investments, commonly known as the “Volcker Rule,” may see change in the spring of 2018, according to Acting Comptroller of the Currency Keith Noreika.

Two of the country’s largest bank trade associations weighed in on the matter of how to regulate the business of investment banking.

Find out what viewpoints and recommendations are being pushed on different sides of the matter.  

Calling attention to how the proposal may impact members’ dividends, the National Association of Federally-Insured Credit Unions has urged the National Credit Union Administration to reconsider its plan to raise the National Credit Union Share Insurance Fund’s normal operating level from 1.3 percent to 1.39 percent.

NAFCU’s board of directors and two internal committees unanimously voted to oppose the proposal, according to a press release, asserting that such an action would adversely affect the industry.

Be sure to stay on top of the industry’s thoughts on the agency’s proposal and what that proposal entails.