OCC Issues Interim Volcker Rule Examination Procedures

The Office of the Comptroller of the Currency ("OCC") issued interim procedures for examiners to assess banks' progress in developing a framework to comply with the requirements of Dodd-Frank Section 619 ("Prohibitions on proprietary trading and certain relationships with hedge funds and private equity funds"), or the Volcker Rule, and the implementing regulations adopted by the OCC with the other rule-writing agencies.

According to the OCC, these interim examination procedures were developed to help examiners understand and focus on the Rule's key aspects, as well as to work with banks during the conformance period to measure progress toward achieving compliance by July 21, 2015. The procedures (i) identify activities subject to the Volcker Rule, (ii) assess banks' progress toward establishing compliance programs, (iii) evaluate banks' plans for conforming covered fund securitization, asset management, and sponsorship activities, and (iv) examine banks' progress in being able to report quantitative metrics.

See: Volcker Rule Interim Examination Procedures; OCC Press Release. Related news: Regulators Issue FAQs Regarding the Volcker Rule (with Cammarn Comment) (June 10, 2014).See generally: Cabinet Volcker Rule Materials.For questions or more information, please contact Scott Cammarn or Steven Lofchie.