In a speech at a California Bankers Association conference on Friday, Comptroller of the Currency Thomas Curry said regulators are close to completing the 'Volcker' trading ban and securitization rules.
Curry said regulators are near completion of several major rules required by the Dodd-Frank Act, including rules banning banks' proprietary trading and requiring lenders to keep pieces of securitized loans.
"The still-unfinished work to implement Dodd-Frank includes strict restrictions on a commercial bank's ability to divert funds for its own trading book or an affiliated hedge fund. The proprietary trading ban known as the Volcker Rule - for former Federal Reserve Board Chairman Paul Volcker, who first proposed it - would include some exemptions for market-making or hedging activities, but is intended to lower significantly banks' riskier activities. Other regulators have suggested a final rule on the plan is near completion," writes American Banker's Joe Adler.
"We really are nearing the finish line on Volcker and risk retention, and that's because of the very substantial work that was done over the past year," Curry said.
For the full piece see "Regulators Approach 'Finish Line' on Key Rules, Curry Says" (may require subscription).