OCC reminds banks about Volcker Rule deadline

April 1, 2014

Westlaw News in Brief thumbnailBanks have until July 21, 2015, to bring their investments into compliance with the Volcker Rule, the Office of the Comptroller of the Currency said in a statement March 25.

The rule, named after former Federal Reserve Chairman Paul Volcker, prevents banks from engaging in proprietary trading for their own profit or acquiring or retaining an ownership interest in hedge or private equity funds.

The rule was enacted in July 2010 as Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Federal regulators issued jointly developed final regulations in December 2013 to implement the rule, which takes effect today, Apr. 1.

The final regulations are available online at the OCC’s website.