The Board of Governors of the Federal Reserve System ("FRB") issued a proposal aimed at simplifying and tailoring compliance with the Volcker Rule. It is the first major overhaul of the Volcker Rule since regulations were adopted in late 2013.
The proposal, which remains subject to public comment, was developed in coordination with the Office of the Comptroller of the Currency, the FDIC, the SEC and the CFTC. In a statement, FRB Vice Chair for Supervision Randal K. Quarles called the proposal a "best first effort at simplifying and tailoring the Volcker rule," noting that it does not represent the "completion of [the FRB's] work."
A detailed analysis of the proposal will be available shortly.
Cadwalader partners summarized key provisions of the Economic Growth, Regulatory Relief, and Consumer Protection Act.
FRB Vice Chairman Randal K. Quarles revealed that federal regulators are collaborating on a proposal to make "material changes to the Volcker Rule."