Financial Services Report -- Winter 2012

Morrison & Foerster LLP

In This Issue:

Beltway Report; Bureau Report; Operations Report; Privacy Report; Arbitration Report; Mortgage Report; and Preemption Report

Excerpt from "Beltway Report"

The Volcker Rule Proposal

Ever since the enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act in July 2010, banking organizations (and some nonbank financial institutions) have attempted to determine the breadth and impact of the Volcker Rule. This rule, now section 13 of the Bank Holding Company Act, generally prohibits a covered banking entity (“CBE”) from proprietary trading and from investing in or controlling private equity or hedge funds. Long-awaited guidance is now at hand. The Federal Reserve Board (“Federal Reserve”), the Office of the Comptroller of the Currency (“OCC”), the Federal Deposit Insurance Corporation (“FDIC”) and the Securities and Exchange Commission (“SEC”) all approved the proposed regulation for publication. The Commodities Futures Trading Commission (“CFTC”) is expected to release its own proposal to implement the Volcker Rule in the near future. The proposed rule sweeps more broadly than the Volcker Rule requires but provides some greater specificity on certain provisions of the Dodd-Frank Act. Permitted activities are subject to an array of restrictions and compliance requirements. For a detailed overview of the proposal, please see our client alert available at...

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