Date: January, 14, 2014
Issue: Volcker Rule
To: The Honorable Ben Bernanke, Chairman, Board of Governors of the Federal Reserve; The Honorable Martin Gruenberg, Chairman, Federal Deposit Insurance Corporation; The Honorable Mary Jo White, Chair, Securities and Exchange Commission; The Honorable Thomas Curry, Comptroller of the Currency; The Honorable Mark P. Wetjen, Acting Chairman, Commodity Futures Trading Commission
Filing Type: Regulatory Reform
Description: On January 15, the House Financial Services Committee held a hearing about the adverse impacts of the Volcker Rule on businesses. This week regulators tried to alleviate one concern and tweaked the final rule to allow banks to retain ownership in collateralized debt obligations (CLO) backed by trust-preferred securities. And during the hearing Robertson, as well as the other witnesses, called on regulators to fix additional community bank and CLO problems. In advance of the hearing we sent letters to regulators and the Hill supporting corrective legislation.