Skip to main content

Agencies Finalize Changes to Volcker Rule

NationalMortgageProfessional.com
Oct 09, 2019

Five federal financial regulatory agencies—the Federal Reserve Board, the Commodity Futures Trading Commission, the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), and the Securities and Exchange Commission (SEC)—have announced that they have finalized revisions to simplify compliance requirements relating to the "Volcker Rule." By statute, the Volcker Rule generally prohibits banking entities from engaging in proprietary trading or investing in or sponsoring hedge funds or private equity funds.
 
Under the revised rule, firms that do not have significant trading activities will have simplified and streamlined compliance requirements, while firms with significant trading activity will have more stringent compliance requirements. Community banks generally are exempt from the Volcker rule by statute. The revisions continue to prohibit proprietary trading, while providing greater clarity and certainty for activities allowed under the law. With the changes, the agencies expect that the universe of trades that are considered prohibited proprietary trading will remain generally the same as under the agencies' 2013 rule.
 
The rules will be effective on Jan. 1, 2020, with a compliance date of Jan. 1, 2021.


 
Published
Oct 09, 2019
FHA Wants Input On Smaller-Balance Mortgages

Agency seeks industry input as a starting point to encourage greater origination of small-balance mortgages for FHA insurance.

Regulation and Compliance
Oct 05, 2022
Government Lending Has A Strong Digital Future

Long gone are the days of 300-page files and mail requests

Regulation and Compliance
Oct 03, 2022
Appraisal Business Fears Modernizing And Newcomers

Appraisers also need to mitigate appraisal bias

Regulation and Compliance
Oct 03, 2022
R.I. Mortgage Broker Pleads Guilty To $6M Ponzi Scheme

Decade-long scheme was used to finance a lavish lifestyle.

Regulation and Compliance
Sep 30, 2022
Fannie Mae Names Almodovar Its New CEO

Financial services veteran brings more than 30 years experience and a strong commitment to affordable housing.

Regulation and Compliance
Sep 29, 2022
OCC Fines Sterling Bank & Trust $6M Over Mortgage Fraud

Bank, parent company remain under criminal investigation by Justice Department and SEC.

Regulation and Compliance
Sep 27, 2022