Joint Release
Federal Reserve Board of Governors
Commodity Futures Trading Commission
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency
Securities and Exchange Commission
For immediate release December 21, 2018
Media Contacts:
Federal Reserve Board Eric Kollig 202-452-2955
CFTC Donna Faulk-White 202-418-5080
FDIC Julianne Breitbeil 202-898-6895
OCC Bryan Hubbard 202-649-6870
SEC Office of Public Affairs 202-551-4120
FDIC: PR-104-2018
Last Updated 12/21/2018 communications@fdic.gov
Agencies Invite Comment on a Proposal to Exclude Community Banks from the
Volcker Rule
Five federal financial regulatory agencies on Friday invited public comment on a
proposal that would exclude certain community banks from the Volcker rule, consistent
with the Economic Growth, Regulatory Relief, and Consumer Protection Act
(EGRRCPA).
The Volcker Rule generally restricts banking entities from engaging in proprietary
trading and from owning or sponsoring hedge funds or private equity funds. The
agencies are jointly proposing to exclude community banks with $10 billion or less in
total consolidated assets and total trading assets and liabilities of 5 percent or less of
total consolidated assets from the restrictions of the Volcker Rule.
Additionally, consistent with EGRRCPA, the proposal would, under certain
circumstances, permit a hedge fund or private equity fund to share the same name or a
variation of the same name with an investment adviser that is not an insured depository
institution, company that controls an insured depository institution, or bank holding
company.
The proposal was issued by the Federal Reserve Board, the Commodity Futures
Trading Commission, the Federal Deposit Insurance Corporation, the Office of the
Comptroller of the Currency, and the Securities and Exchange Commission. Comments
will be accepted for 30 days after publication in the Federal Register.
# # #
Attachment:
Notice of Proposed Rulemaking: Revisions to Prohibitions and Restrictions on
Proprietary Trading and Certain Interests in, and Relationships With, Hedge
Funds and Private Equity Funds
Federal Reserve Board of Governors
Commodity Futures Trading Commission
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency
Securities and Exchange Commission
For immediate release December 21, 2018
Media Contacts:
Federal Reserve Board Eric Kollig 202-452-2955
CFTC Donna Faulk-White 202-418-5080
FDIC Julianne Breitbeil 202-898-6895
OCC Bryan Hubbard 202-649-6870
SEC Office of Public Affairs 202-551-4120
FDIC: PR-104-2018
Last Updated 12/21/2018 communications@fdic.gov
Agencies Invite Comment on a Proposal to Exclude Community Banks from the
Volcker Rule
Five federal financial regulatory agencies on Friday invited public comment on a
proposal that would exclude certain community banks from the Volcker rule, consistent
with the Economic Growth, Regulatory Relief, and Consumer Protection Act
(EGRRCPA).
The Volcker Rule generally restricts banking entities from engaging in proprietary
trading and from owning or sponsoring hedge funds or private equity funds. The
agencies are jointly proposing to exclude community banks with $10 billion or less in
total consolidated assets and total trading assets and liabilities of 5 percent or less of
total consolidated assets from the restrictions of the Volcker Rule.
Additionally, consistent with EGRRCPA, the proposal would, under certain
circumstances, permit a hedge fund or private equity fund to share the same name or a
variation of the same name with an investment adviser that is not an insured depository
institution, company that controls an insured depository institution, or bank holding
company.
The proposal was issued by the Federal Reserve Board, the Commodity Futures
Trading Commission, the Federal Deposit Insurance Corporation, the Office of the
Comptroller of the Currency, and the Securities and Exchange Commission. Comments
will be accepted for 30 days after publication in the Federal Register.
# # #
Attachment:
Notice of Proposed Rulemaking: Revisions to Prohibitions and Restrictions on
Proprietary Trading and Certain Interests in, and Relationships With, Hedge
Funds and Private Equity Funds