The five-member board voted unanimously to flesh out how the policy will work when a systemically important company fails. But this show of unity may be misleading and fleeting.
In more than 71 pages, banking and securities regulators detailed precisely how they planned to strike a balance between banning proprietary trading while providing banks with the flexibility to continue to engage in certain market-making activities.
A ban on portfolio hedging would perfectly illustrate the current practice of regulatory populism that has pervaded financial regulatory reform since the crisis.
A team of international regulators delivered a sweeping report on Thursday calling for significant changes to the OCC's supervision process, including pulling examiners-in-residence out of the biggest banks and making changes to the bank rating system.
JPMorgan Chase is warning 465,000 holders of prepaid cash cards that their personal information may have been accessed by hackers who attacked the bank's network earlier this year, Reuters reports.
There seems to be undue emphasis being placed on a provision that, generally, would have done nothing to avoid the recent financial crisis. Ultimately, however, the Volcker Rule has to be judged like any other regulation: do its benefits outweigh its costs?
Treasury Secretary Jack Lew vowed Thursday that regulators will release a strict version of a long-awaited regulation that would ban proprietary trading and investment in hedge and equity funds by banks.
Most systemically important financial institutions are publicly traded, so theyd have to immediately disclose any orders from the Fed to curb systemic risk. Their securities would get hammered. Thus, Fed supervision is a strong incentive to operate safely.
A Volcker Rule limiting investment in securities used primarily for customer transactions to 10% of the firms revenue is simple for banks to understand and easy for regulators to enforce.
At least three U.S. regulators will meet on Dec. 10 to adopt the final version of the Volcker rule banning banks from making speculative bets with their own money, according to three people familiar with the planning.
Passing framework rules without considering technology implementation has proven disastrous for the CFTC. Like the Obamacare website debacle, it has brought to the fore unresolved Big Data issues.
Several Canadian banks have taken on the challenge of managing and protecting their customers' user names and passwords across banking and government sites. U.S. banks are invited to join a similar pilot starting in the U.S.
Never before have America's banks been so wary of risking their cash deposits on U.S. government debt.
Commercial loan officers must use judgment in discussions and email exchanges with property moguls, whose lawyers will construe statements and written correspondence in a way most favorable to the borrower.
A majority of industry executives still believe that adhering to rigorous ethical guidelines may work against them, according to an Economist Intelligence Unit report sponsored by the CFA Institute.