This story appeared in Bank Digest.
The Office of the Comptroller of the Currency is seeking comment on how to revise its final rule implementing the Volcker Rule, but the agency stressed that it was not seeking changes to the underlying Volcker Rule statute. The agency is also seeking comment on how the existing rule could be implemented more effectively.
The OCC is seeking comments on four broad areas: (1) the scope of entities to which the final rule applies; (2) the proprietary trading restrictions; (3) the covered fund restrictions; and (4) the compliance program and metrics reporting requirements.
Comments must be received within 45 days from publication of the OCC's notice in the Federal Register. Any comments submitted to the OCC must provide information and "data" describing with specificity any burdens or inefficiencies resulting from the current rule and explaining how particular revisions would alleviate those burdens or inefficiencies.