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News Now

Washington
ABA to Challenge Volcker Rule Trust-preferred Securities Provision
WASHINGTON (12/26/13)--The American Bankers Association is reportedly planning to challenge trust-preferred securities provisions of the Volcker rule, Politico reported this week.

Exemptions are needed, the bankers told Federal Reserve Chairman Ben Bernanke, Federal Deposit Insurance Corp. Chairman Martin Gruenberg and Comptroller of the Currency Thomas Curry. The banker group is planning a lawsuit if no action is taken on exemptions.

The bankers encouraged regulators to suspend portions of the Volcker rule that treat trust-preferred security debt interests as covered fund ownership interests.


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