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Tuesday, March 4, 2014

ABA Seeks Further CDO, CLO Relief in Volcker

ABA has urged federal financial regulators to expand the relief they provided under the Volcker Rule for bank investments in collateralized debt obligations backed by community banks’ trust preferred securities.

ABA specifically sought relief for bank investments in insurance and REIT-backed TruPS CDOs, collateralized loan obligations, re-securitized real estate mortgage investment conduits, tender option bonds and auction rate securities. “None of these investments were intended by Congress in the enactment of the Volcker Rule, and all of these investments represent important financial services to bank customers,” the association said.

ABA also asked the agencies to provide clear and comprehensive examination guidance and to further illuminate the interagency Volcker Rule working group, especially with respect to the process for requesting and receiving regulatory guidance and relief.

Read the letter.

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