The Federal Reserve Board, Office of the Comptroller of the Currency, CFTC, FDIC and SEC rule release amending the definition of "insured depository institutions" to exclude from the Volcker Rule firms with consolidated assets equal to or less than $10 billion was published in the Federal Register.
As previously covered, the amendments were adopted to conform to the Economic Growth, Regulatory Relief and Consumer Protection Act ("EGRRCPA"), which modified the definition of "banking entity" to exempt community banks from the Volcker Rule.
The EGRRCPA amendments and final rules also permit hedge funds and private equity funds to share variations in name with a banking entity that acts as an investment adviser to a fund, although the use of the word bank is not permitted.
The final rules went into effect on July 22, 2019.
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