The House Financial Services Committee held a full committee hearing to examine the impact of the Volcker Rule.
Committee Members discussed topics such as how regulators will resolve potential conflicts in interpreting compliance with the Volcker Rule, as well as why collateralized loan obligations (“CLOs”) have not been exempted from the Volcker Rule’s prohibitions along with the Agencies’ interim final regulation that permits ownership of collateralized debt obligations (“CDOs”) backed by trust-preferred securities (“TruPS”).
See: Archived Webcast of the Hearing; Committee Memorandum; FRB Release on Governor Tarullo’s Statement; OCC Release on Currency Comptroller Curry’s Statement; FDIC Release on Chairman Gruenberg’s Statement; CFTC Release on Acting Chairman Wetjen’s Statement.
Related news: House Committee on Financial Services Hearing: Impact of the Volcker Rule on Job Creators, Part I (January 16, 2014); Federal Agencies Temporarily Approve TruPS-Backed CDOs for Small Banks, Notwithstanding Volcker (Fed. Reg. Version) (February 3, 2014).