OCC Solicits Public Comments on Revising the Volcker Rule

WASHINGTON—The Office of the Comptroller of the Currency (OCC) is seeking public input on revising the final regulation implementing section 619 of the Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010 (commonly known as the Volcker Rule).

The agency today sent to the Federal Register for publication a notice that solicits public input on whether certain aspects of the implementing regulation should be revised to better accomplish the purposes of section 619 while decreasing the compliance burden on banking entities and fostering economic growth. In particular, the OCC invites input on ways to tailor the rule’s requirements and clarify key provisions that define prohibited and permissible activities. The agency also seeks input on how the federal regulatory agencies could implement the existing rule more effectively without revising the regulation. The public is invited to provide supporting data that can inform specific changes to the regulation, and help assess the effectiveness of implementation efforts to date.

“The input received in response to this notice will further the dialogue on how to improve the regulation that was such a significant part of the U.S. Treasury’s June report on core principles for regulating the U.S. financial system. This is one piece of a larger interagency effort to improve the rule. I look forward to reviewing the comments and to joining the other regulators soon on a Notice of Proposed Rulemaking to amend the regulation,” said Acting Comptroller of the Currency Keith Noreika.  “A bipartisan consensus has emerged that the Volcker Rule needs clarification and recalibration to eliminate burden on banks that do not engage in covered activities and do not present systemic risks. Regulators do not have a monopoly on good ideas. Public input will help inform our path forward with the views, concerns, and data of those affected by this rule and provides for a more inclusive and transparent process.”

The OCC requests that respondents provide any comments within 45 days of publication in the Federal Register.

Comments may be submitted in advance of publication in the Federal Register by sending them to:

• Email: regs.comments@occ.treas.gov.
• Mail: Legislative and Regulatory Activities Division, Office of the Comptroller of the Currency, 400 7th Street SW., Suite 3E-218, Mail Stop 9W-11, Washington, DC 20219.
• Fax: (571) 465-4326.

Related Link

• Federal Register Submission (PDF)