Five Major Financial Trade Groups Ask for Extension of Volcker Rule Comment Deadline
On November 30, five financial trade groups (the Securities Industry and Financial Markets Association, the American Bankers Association, the Financial Services Forum, The Financial Services Roundtable, and the Institute of International Bankers) requested federal banking regulators and the Securities and Exchange Commission to extend the January 13 comment deadline on the 298-page proposal to implement the Volcker Rule. In a letter the trade groups stated the extension is needed because of the proposal’s potentially far-reaching impact, its unusual request for comment on more than 1,400 questions, and the fact that the Commodity Futures Trading Commission has not yet submitted its companion Volcker proposal. One analysis, by the American Bankers Association, found the proposed rule -- purportedly affecting only the largest banks -- could actually affect the activities of more than 1,000 institutions and require nearly every bank to create a new compliance program.
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