Law and regulation

Regulators Get Extra Time to Reply to ABA's Volcker Suit

By Sarah Todd December 26, 2013, 6:26 p.m. EST 1 Min Read

Law and regulation

ABA to Sue Regulators Over Volcker Rule

WASHINGTON The American Bankers Association plans to challenge the Volcker Rule in court unless regulators immediately suspend portions of the controversial regulation that restrict certain collateralized debt obligations of trust-preferred securities.

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The Independent Community Bankers of America and the American Association of Bank Directors warned regulators that the Volcker Rule will force banks to lower capital to dangerously low levels.

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Law and regulation

Banks Reject Regulatory Clarification of Volcker Rule

In the space of just a few hours, regulators issued -- and banks condemned -- guidance meant to clarify the impact of the Volcker Rule on small institutions.

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Banking regulators have until Monday to respond to a lawsuit filed by the American Bankers Association over the Volcker Rule.

The ABA on Tuesday filed a lawsuit against the Federal Reserve, the Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency in federal court in the District of Columbia. The lawsuit objects to the requirement that banks shed certain collateralized debt obligations made up of trust-preferred securities.

Regulators originally had until Friday to file their response. They asked the court earlier this week to extend the deadline until Jan. 10 but were given only a few extra days instead. The extension until Monday was reported by The Wall Street Journal and confirmed by an ABA spokesman Thursday.

Deputy Editor, BankThink

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