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Wednesday, January 14, 2015

House to Vote on ABA-Backed Extension of Volcker CLO Provision

The House is expected to vote on H.R. 37, a package of financial reform measures. ABA wrote to the House to express support for one of its provisions that allows a more orderly process for dealing with collateralized loan obligations under the Volcker Rule.

The bill would give banks additional time — until July 2019 — to unwind CLO investments made prior to January 2014. It would “provide for an orderly liquidation of bank CLO holdings without significant and unnecessary market disruption,” ABA said. “Importantly, the technical correction provides only a phased-in compliance period and makes no substantive changes to either the Volcker Rule or to Dodd-Frank.”

Read ABA’s memo.

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