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Wednesday, February 5, 2014

Regulators Form Interagency Group on Volcker Rule

The federal financial regulators have formed a formal working group for Volcker Rule implementation. Officials from the FDIC, Federal Reserve, OCC, SEC and CFTC first met on Jan. 23 to discuss coordinated responses to interpretive questions and approaches to supervision.

Prompted by aggressive advocacy and a lawsuit from ABA, the agencies issued an interim final rule last month exempting most collateralized debt obligations backed by trust preferred securities from the Volcker Rule’s prohibition of covered funds.

The House Financial Services Committee will hold a hearing this morning at 10 am on the impact of the Volcker rule. The witness list includes many regulatory agencies.

In prepared testimony, Fed Governor Daniel Tarullo called the agencies’ action on TruPS CDOs “an early example of the constructive interagency cooperation that the agencies plan to bring to resolving issues raised by the regulations implementing the Volcker Rule.”

Read Tarullo’s testimony.
Watch the hearing live.

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