A proposal by the FDIC, the Federal Reserve Board, the Office of the Comptroller of the Currency, the SEC and the CFTC to exclude certain community banks from the Volcker Rule was published in the Federal Register. Comments must be submitted by March 11, 2019.

As previously covered, pursuant to Section 203 of the Economic Growth, Regulatory Relief and Consumer Protection Act ("EGRRCPA"), the proposal would exclude a community bank from the restrictions of the Volcker Rule if both of the following conditions are met: (i) it has total consolidated assets equal to or less than $10 billion, and (ii) its trading assets and liabilities are equal to or less than five percent of its total consolidated assets.

In addition, pursuant to Section 204 of the EGRRCPA, the proposal would allow a covered fund to share "the same name or a variation of the same name with . . . an investment adviser to the fund, subject to the conditions" that (i) the investment adviser is not, and does not share the same name as, "an insured depository institution, a company that controls an insured depository institution, or a company that is treated as a bank holding company"; and (ii) the name does not contain the word "bank."

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