FRB approved interagency final rules; Banking agencies final rules revising the Volcker Rule; Draft model law on payments regulation.
The FRB approved interagency final rules to tailor the application of prudential standards and resolution planning requirements for domestic and foreign banking organizations. The final rules closely follow the previously released proposals. The FDIC has scheduled a vote for next week.
All five issuing agencies (FRB, OCC, FDIC, SEC, CFTC) have now approved the final rules revising portions of the Volcker Rule including compliance and metrics, proprietary trading, and covered funds. (See Regulatory Insights previously released Regulatory Alert here)
The Conference of State Bank Supervisors released a draft model law on payments regulation that is intended to establish a licensing standard and supervisory system across all 50 states.
Financial services legislative and regulatory news