Fed Gives Banks 2 Years To Meet Volcker Rule

Law360, New York (February 9, 2011, 7:43 PM EST) -- The Federal Reserve Board on Wednesday finalized the time frame for banks and other financial companies to comply with the Volcker Rule, brushing aside calls for more leeway in implementing the controversial reforms.

Adopting minor modifications in the review process, the Fed issued a final rule that gives banks and other supervised institutions two years to conform to the Volcker Rule once the restrictions and prohibitions have gone into effect.

The two-year period is not absolute, however, and banking entities may qualify for three one-year extensions...
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