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Fed gives banks with certain securities 2 more years to ensure they fit Volcker Rule
– canadianbusiness.com
WASHINGTON – The Federal Reserve is giving U.S. banks that have certain complex securities two more years to ensure their holdings don’t put them afoul of the new Volcker Rule.
The Fed’s move announced Monday didn’t give banks an outright exemption for the securities from the Volcker Rule’s ban on high-risk investments. Wall Street banks had sought an exemption. The leading Wall Street lobbying group expressed disappointment.
The Volcker Rule, adopted in December, is intended to limit banks’ riskiest trading bets that could implode at taxpayers’ expense. That kind of risk-taking on Wall Street helped trigger the 2008 financial crisis. Congress mandated the Volcker Rule in its financial overhaul law.
The Fed gave banks until mid-2017 to “conform” their holdings of the collateralized loan obligations, which are mainly backed by commercial loans.
The post Fed gives banks with certain securities 2 more years to ensure they fit Volcker Rule appeared first on Canadian Business.
The Fed’s move announced Monday didn’t give banks an outright exemption for the securities from the Volcker Rule’s ban on high-risk investments. Wall Street banks had sought an exemption. The leading Wall Street lobbying group expressed disappointment.
The Volcker Rule, adopted in December, is intended to limit banks’ riskiest trading bets that could implode at taxpayers’ expense. That kind of risk-taking on Wall Street helped trigger the 2008 financial crisis. Congress mandated the Volcker Rule in its financial overhaul law.
The Fed gave banks until mid-2017 to “conform” their holdings of the collateralized loan obligations, which are mainly backed by commercial loans.
The post Fed gives banks with certain securities 2 more years to ensure they fit Volcker Rule appeared first on Canadian Business.
