Featured Product

    US Agencies Correct Errors in Regulation on Amendments to Volcker Rule

    August 06, 2019

    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:”

     

    Related Links

    Effective Date: August 06, 2019

    Keywords: Americas, US, Banking, Securities, EGRRCP Act, Community Banks, Volcker Rule, BHC Act, Corrigendum, US Agencies

    Featured Experts
    Related Articles
    News

    CBUAE Issues Regulation for Low-Risk Specialized Banks

    CBUAE has issued a regulation that introduces the licensing and supervision framework for low-risk, specialized banks.

    May 01, 2021 WebPage Regulatory News
    News

    APRA Proposes Guidance to Support Prudential Standard on Remuneration

    APRA is consulting on CPG 511—the draft Prudential Practice Guide on remuneration for banks, insurers, and superannuation licensees—with the comment period ending on July 23, 2021.

    April 30, 2021 WebPage Regulatory News
    News

    MAS Announces Grant Scheme to Spur Adoption of Regtech Solutions

    MAS announced a new RegTech grant scheme and an enhancement of the Digital Acceleration Grant (DAG) scheme to accelerate technology adoption in the financial sector.

    April 30, 2021 WebPage Regulatory News
    News

    PRA Review Finds Most Banks Compliant with Regulatory Reporting Rules

    PRA published a letter that sets out findings from the 2020 Internal Audit Review of the Collections function of a sample of non-systemic banks and building societies.

    April 30, 2021 WebPage Regulatory News
    News

    EIOPA Launches Consultation on Interbank Offered Rate Transitions

    EIOPA launched a consultation on the Interbank Offered Rate (IBOR) transitions, in context of the EU Benchmarks Regulation.

    April 30, 2021 WebPage Regulatory News
    News

    EIOPA Seeks Feedback on Approach to Blockchain and Smart Contracts

    EIOPA published a discussion paper on uses cases of, and the European approach to, blockchain and smart contracts in the insurance sector.

    April 29, 2021 WebPage Regulatory News
    News

    HKMA Outlines Work Priorities for 2021, Grants License to NH Bank

    HKMA granted a banking license to NongHyup Bank (also NH Bank), which is incorporated in the Republic of Korea.

    April 29, 2021 WebPage Regulatory News
    News

    PRA Proposes Options for Regulatory Framework for Non-Systemic Banks

    PRA published a discussion paper that explores options for developing a simpler but resilient prudential framework for banks and building societies that are neither systemically important nor internationally active.

    April 29, 2021 WebPage Regulatory News
    News

    ECB Issues Opinion on Proposal for Market Infrastructures Based on DLT

    ECB published an opinion on the proposal for a regulation on the pilot regime for market infrastructures based on distributed ledger technology.

    April 29, 2021 WebPage Regulatory News
    News

    EBA Proposes Standards to Determine Risk-Weight for Immovable Property

    EBA proposed regulatory technical standards that specify how to identify the appropriate risk-weights and conditions when assessing minimum loss given default (LGD) values for exposures secured by immovable property.

    April 29, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 6920