Late last week a solitary news article suggested that the
Federal Deposit Insurance Corporation (FDIC) was set to vote on
a number of changes to the Volcker Rule this Tuesday. With very
little (initial) fanfare the agency confirmed and approved the
revamp — details of which were only released that day
— that is set to offer relief to banks of all shapes
and sizes in the US.
The move was shortly followed by Joseph Otting of the Office
of the Comptroller of the Currency (OCC), another of the five
government agencies that administer the rule, who agreed to
'tailor and simplify the rule while maintaining protections
core to the safety and soundness of the federal banking
system'. The remaining three agencies are expected to follow
suit in the coming weeks.
For Brian Volkman, regulatory counsel and head of compliance
at the New York branch of Bayerische Landesbank, the
announcement came as...