The change has won praise from the banking industry which has said the rule is too vague and complex, but criticism from consumer advocates who say the change puts taxpayers’ money at risk.
Estimated reading time: 0 minutes, 24 seconds
Revised Volcker Rule Provides Banks with Regulatory Relief
The Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) have approved a revised version of the “Volcker Rule” that reduces restrictions on trading that applied to banks that accept taxpayer-insured deposits. So reports Reuters.
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