FDIC Chair Jelena McWilliams described the need to better define the scope of the Volcker Rule "so that both bankers and supervisors have clear rules of the road." She also weighed in on recent legislation, FinTech and improved international coordination.
A proposal by the FDIC, the Federal Reserve Board, the Office of the Comptroller of the Currency, the SEC and the CFTC to exclude certain community banks from the Volcker Rule was published in the Federal Register.
Federal regulators proposed amendments to (i) exclude certain community banks from the Volcker Rule and (ii) allow banking entities to share a name with a hedge fund or private equity fund under certain circumstances.
The Federal Reserve Board, FDIC and the Office of the Comptroller of the Currency detailed an interim approach to rules and associated reporting requirements affected by the Economic Growth, Regulatory Relief, and Consumer Protection Act.
In testimony before the House Financial Services Committee, Comptroller of the Currency Joseph Otting identified the top priorities of the Office and detailed operational and compliance risks faced by the banking industry.