The Federal Reserve Board issued a statement clarifying that banks will have two years after effective date of the Volcker rule before regulators will begin enforcing it. The statement was aimed at calming fears that banks would need to be in complete compliance by July 21, when it is slated to take effect.
Banks affected by the rule will have “the full two-year period provided by the statute to fully conform its activities and investments, unless the Board extends the conformance period,” the Fed said in the statement. That will give them until July 21, 2014 to come into compliance with the Volcker Rule.
