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January 2, 2014

Federal Court Gives Regulators Until Dec. 30 to Respond in Volcker Case

A federal court Thursday partially granted banking regulators’ request for additional time to respond to an industry group’s demand that they halt a provision of the Volcker rule.

The Federal Reserve, Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency have until Monday to respond to the American Bankers Association’s request to delay the provision, according to an order filed in the U.S. Court of Appeals for the District of Columbia Circuit.

The agencies had asked the court—which originally set a Friday deadline to respond—to give regulators until Jan. 10 to file.

The ABA sued the regulators Tuesday, arguing the agencies acted with “utter disregard” to community banks in defining a provision of the recently finalized Volcker rule that deals with a type of collateralized debt obligation owned by hundreds of small lenders.”

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Read full Wall Street Journal article here

 
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