Surprise Volcker reform package 'not that surprising'

Author: John Crabb | Published: 23 Aug 2019

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...