Noreika: Regulators Moving Quickly on Volcker Revisions

Acting Comptroller of the Currency Keith Noreika said yesterday, November 8th, that he expects regulators to release some kind of proposal to limit the impact of the Volcker Rule by next spring, according to an American Banker article

While he cautioned this is a tentative timeline, Noreika stated, "That's our aspiration. We're at the stage of digesting the comment letters, putting together a broad outline of what a new rule could look like, and then that's something all the agencies have to get together and agree on."

He also signaled that the agencies are largely working from the same playbook — namely the Treasury Department's June report on banking regulatory reform — and thinks the differences between the agencies are relatively limited, American Banker explains.

The spring deadline, according to Noreika, is dependent on many things, including whether other regulators get on the same page. However, he did say that timeframe is "achievable."

SFIG members previously submitted a response to the Office of the Comptroller of the Currency's request for information regarding revisions to the Volcker Rule in September. If you would like to join SFIG's Volcker Task Force, please contact Alyssa.Acevedo@sfindustry.org.

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