The Federal Reserve is giving banks an additional two years to comply with Volcker Rule standards for treatment of collateralized loan obligations after industry complaints that the requirements would lead to big losses.
European swap-trading platforms won a reprieve from Dodd-Frank Act rules in a deal that puts U.S. and European authorities on a path toward sharing oversight of most of the $693 trillion global market.
U.S. regulators said they are reviewing whether it would be “appropriate and consistent” with the Volcker Rule to allow exemption of some collateralized debt obligations backed by trust-preferred securities.
The final version of the Volcker Rule was challenged in a lawsuit over claims that requiring small banks to divest their holdings in some collateralized debt obligations will cause them about $600 million in losses.
The U.S. government took a step toward legitimizing the marijuana industry, allowing U.S. banks to offer accounts and other services to businesses in states where medical or recreational pot sales are legal.
U.S. banks are seeking to shield from scrutiny the $30 billion they collect annually in checking- account fees, saying a proposed requirement for periodic reports is unacceptable even if it exempts small institutions.