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Friday, June 13, 2014

OCC Issues Interim Exam Procedures for Volcker Rule

The OCC issued interim examination procedures by which examiners will assess banks’ progress toward complying with the Volcker Rule prior to the rule taking full effect in July 2015. Under the procedures, banks are expected to identify any activities subject to Volcker’s ban on proprietary trading and ownership in or sponsorship of a covered fund.

For banks that engage in these activities, examiners will assess progress toward establishing an adequate compliance program. Banks will be expected to issue reports to help the bank and the OCC identify prohibited trading and make plans to conform their covered fund securitization, asset management and sponsorship activities with the rule.

Download the exam procedures.

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