After three years with regulators at odds with each other, the five agencies have finalized Dodd-Frank's Volcker Rule.

"The ultimate effectiveness of the rule will depend importantly on supervisors, who will need to find the appropriate balance while providing feedback to the board on how the rule works in practice," Federal Reserve Board Chairman Ben Bernanke said at a public board meeting.

Agency officials were direct with their concerns about ensuring major banks' accountability in complying with the rule.

"Issuing a final rule is only the beginning of the process," Comptroller Tom Curry said at the FDIC’s board meeting. "Equally important is how we will enforce it, and I want to be clear that the OCC will be especially vigilant in developing a robust examination and enforcement program that ensures our largest institutions will remain compliant with the Volcker Rule.  During 2014, we will develop the necessary examination procedures and training to ensure that our bank examiners have the tools they need to do the job."

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