US Agencies (CFTC, FDIC, FED, and SEC) published a notice in the Federal Register to correct errors in the "amendatory instructions" to the final rule excluding community banks from Section 13 of the Bank Holding Company Act (Volcker Rule). The corrections become effective from August 06, 2019. The final rule (which is being corrected) excludes, from the Volcker Rule, community banks with USD 10 billion or less in total consolidated assets and total trading assets and liabilities of 5% or less of total consolidated assets. US Agencies had adopted this final rule, on July 22, 2019, to amend regulations implementing the Volcker Rule in a manner consistent with the statutory amendments made pursuant to certain sections of the Economic Growth, Regulatory Relief, and Consumer Protection (EGRRCP) Act.
In the final rule FR Doc. 2019-15019, beginning on page 35020, the following corrections have been made:
- On page 35020, in the third column, correct amendatory instruction 11 to read as—“11. Revise paragraph (a)(6) to read as follows:”
- On page 35021, in the second column, correct amendatory instruction 16 to read as—“16. Revise paragraph (a)(6) to read as follows:”
- On page 35022, in the first column, correct amendatory instruction 21 to read as—“21. Revise paragraph (a)(6) to read as follows:”
- On page 35022, in the second column, correct amendatory instruction 26 to read as—“26. Revise paragraph (a)(6) to read as follows:”
Effective Date: August 06, 2019
Keywords: Americas, US, Banking, Securities, EGRRCP Act, Community Banks, Volcker Rule, BHC Act, Corrigendum, US Agencies
Previous ArticleOJK Proposes Regulation on Risk Management for Non-Bank Entities
EBA published a report analyzing the impact of the unwind mechanism of the liquidity coverage ratio (LCR) for a sample of European banks over a three-year period, from the end of 2016 to the first quarter of 2020.
In response to questions from a member of the European Parliament, the ECB President Christine Lagarde issued a letter clarifying the possibility of amending the AnaCredit Regulation and making targeted longer-term refinancing operations (TLTROs) dependent on the climate-related impact of bank loans.
IASB started the post-implementation review of the classification and measurement requirements in IFRS 9 on financial instruments and added the review as a project to its work plan.
FSB published a report that examines progress in implementing policy measures to enhance the resolvability of systemically important financial institutions.
EBA published a report on the benchmarking of national loan enforcement frameworks across 27 EU member states, in response to the call for advice from EC.
FSB published a letter from its Chair Randal K. Quarles, along with two reports exploring various aspects of the market turmoil resulting from the COVID-19 event.
RBNZ launched a consultation on the details for implementing the final Capital Review decisions announced in December 2019.
The Trustees of the IFRS Foundation, which are responsible for the governance and oversight of IASB, have announced the appointment of Dr. Andreas Barckow as the IASB Chair, effective July 2021.
HKMA issued a letter to consult the banking industry on a full set of proposed draft amendments to the Banking (Capital) Rules for implementing the Basel standard on capital requirements for banks’ equity investments in funds in Hong Kong.
ESRB published an opinion assessing the decision of Swedish Financial Supervisory Authority (FSA) to extend the application period of a stricter measure for residential mortgage lending, in accordance with Article 458 of the Capital Requirements Regulation (CRR).