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Thursday, January 9, 2014

House Democrats Appeal for Community Bank TruPS Exemption

House Financial Services Committee Ranking Member Maxine Waters and 21 other Democrats asked regulators to minimize the regulatory impact on small banks by exempting banks with less than $15 billion in assets from the requirement to divest of TruPS CDOs. The House Democrats drew attention to Section 171 of the Dodd Frank Act, which specifically discussed the treatment of TruPS issued by banks with less than $15 billion in assets.

“For many small banks, ability to pool via a CDO structure was a prerequisite for issuance of TruPS, and we appreciate that regulators have taken that fact into account as they review whether they can help provide guidance to restructure TruPS CDOs such that banks may be able to continue to hold them.”

Regulators set a January 15 deadline to decide how they will handle concerns of the losses the Volcker Rule will incur on community banks.

Read the letter.

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