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July 21 was a big day for banks and the beginning of the Volcker Rule’s compliance regime. The rule, a cornerstone of the Dodd-Frank Act, prohibits proprietary trading activities at federally insured banks. In our latest podcast, we talk to Chris Scarpati, a partner in PwC’s financial regulation practice about what the deadline entailed and what’s ahead for these financial institutions.
Listen to the Podcast. (8 min., 7 MB)
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Since the day the Dodd-Frank Act was passed nearly a decade ago, the Volcker rule has been a burr under the saddle for Republicans. Now, their complaints are a lot closer to having a remedy, with plans to ease the rule’s burden on community banks.
While members of the Trump Administration wave off persistent critics, rule changes are starting to take root, notably for the Volcker rule.
The latest amendments to the Volcker rule, a regulation aimed at curbing banks from engaging in proprietary trading, seek to eliminate unnecessary complexity without thwarting the rule’s main objective.
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