News & Analysis as of September 18, 2024

Volcker Rule › Federal Deposit Insurance Corporation

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The Volcker Rule is a rule limiting certain financial institutions' ability to own, invest or sponsor hedge funds, private equity or other proprietary trading operations. The Rule seeks to separate financial institutions' proprietary trading activity from consumers' FDIC- insured deposits. The Volcker Rule is a part of the broader Dodd-Frank Wall Street Reform and Consumer Protection Act and aims to diminish potential conflicts of interest between banks and consumer clients. less -

FDIC Approves ILC With Traditional Bank Business Model (But Don’t Rush To Submit Your Application Just Yet)

Goodwin on 7/1/2024

An industrial bank or industrial loan company (each, an ILC) charter can be an attractive option for a financial technology company (fintech) or other company seeking to enter the banking space. In June 2024, the Federal...more

Nutter Bank Report: November 2021

Nutter McClennen & Fish LLP on 11/30/2021

Federal Banking Agencies Publish Policy Road Map for Crypto-Asset Activities - The federal banking agencies have issued a joint statement summarizing their interagency “policy sprints” focused on crypto-asset activities...more

Financial Services Report – Fall 2020

Morrison & Foerster LLP on 10/16/2020

We join the nation in mourning the passing of Supreme Court Justice Ruth Bader Ginsburg. Over her 20-year career before appointment to the D.C. circuit court, Justice Ginsburg fought for equal rights in the workplace, among...more

Regulatory Agencies Finalize Changes to Covered Fund Provisions of the Volcker Rule

Orrick - Finance 20/20 on 9/3/2020

On July 31, the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (FRB), the U.S. CFTC, the Federal Deposit Insurance Corporation (FDIC), and the U.S. Securities and...more

The Final Volcker Rule: Implications for Venture Capital

Kelley Drye & Warren LLP on 9/3/2020

Introduction - As we approach the final quarter of 2020, we thought it would be helpful to recap one of the significant rule changes of the past few months that is likely to benefit venture capital funds and startup...more

Credit Funds, Done Right, Can Be an Opportunity for Banks

Foley & Lardner LLP on 8/12/2020

Recent changes to the Volcker Rule, which become effective October 1, 2020, will permit banks and their affiliates (for convenience, “banks”) to sponsor credit funds, whose primary assets are loans and other debt instruments...more

Volcker Rule Amendment: Trending Towards Flexibility

Dechert LLP on 8/11/2020

After much anticipation and expectation, on June 25, 2020, the Federal Reserve Board, CFTC, FDIC, OCC, and SEC (the “agencies”) finalized an amendment to Section 13 of the Bank Holding Company Act, commonly known as the...more

Federal Agencies Adopt Amendments to Volcker Rule

Dechert LLP on 7/21/2020

The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System (Board), the Federal Deposit Insurance Corporation, the Securities and Exchange Commission and the Commodity Futures Trading...more

Recent Amendments to the Volcker Rule Will Benefit CLOs and the Banks That Invest in Them

Orrick, Herrington & Sutcliffe LLP on 7/20/2020

There is some (at least regulatory) good news for CLOs this summer. In late June, the Federal Reserve Board, the Treasury Department, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation,...more

Volcker Rule Amendments: Implications for Asset Managers

Proskauer Rose LLP on 7/16/2020

On June 25, 2020, the Federal Reserve Board, the OCC, the FDIC, the SEC and the CFTC (collectively, the "Agencies") adopted amendments (the "Amendments") to the regulations implementing section 13 of the Bank Holding Company...more

Volcker Rule Covered Fund Amendments Provide Clarity and Opportunities

Jones Day on 7/15/2020

The Situation: The Federal Reserve, Office of the Comptroller of the Currency ("OCC"), Federal Deposit Insurance Corporation ("FDIC"), Securities and Exchange Commission ("SEC"), and Commodity Futures Trading Commission...more

Financial Services Report, Summer 2020

Morrison & Foerster LLP on 7/15/2020

Is it just us or does March 4 — the date of our last issue — feel like a million years ago? Like you, and not necessarily in this order, we have been: doing our work; keeping up with COVID-19-related laws, guidance, and...more

Volcker Rule Update: Amendments to the Covered Funds Provisions

A&O Shearman on 7/13/2020

The Federal Reserve Board (the Federal Reserve), the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC), the Securities and Exchange Commission (SEC) and the Commodity Futures...more

Agencies Finalize Amendments To Volcker Rule Covered Fund Provisions

Morrison & Foerster LLP on 7/1/2020

On June 25, 2020, five federal agencies (the “Agencies”) finalized amendments to the rules implementing section 13 of the Bank Holding Company Act of 1956 (the “Volcker Rule”) related to the prohibition on investing,...more

Corporate & Financial Weekly Digest, Featuring Articles on New Disclosure Guidance From the SEC, Changes to Initial Margin Rules...

Katten Muchin Rosenman LLP on 6/29/2020

SEC/CORPORATE - SEC Division of Corporation Finance Issues Additional Disclosure Guidance Related to COVID-19 Pandemic - On June 23, the Division of Corporation Finance (the Division) of the Securities and Exchange...more