THIS WEEK: ‘Volcker rule’ revision comments due

The deadline on the Comptroller’s request for comments about revising the “Volcker Rule” on Wednesday is among the top items on the schedule for the week ahead.

Also this week: Federal Reserve Board Chairman Janet Yellen hosts a press conference following the Federal Open Market Committee (FOMC) meeting; the National Credit Union Administration releases its Sept. 28 meeting agenda; and CFPB collects comments on its “consumer response intake form”

In early August, OCC released its request for comments about revising the rule –which bans banks from conducting certain investment activities with their own accounts, and limits their relationships with hedge and private equity funds – calling it an effort to determine if the “compliance burden” on banking entities could be decreased, and if economic growth could be fostered.

OCC said that it wanted, in particular, input on ways to tailor the rule’s requirements and clarify key provisions that define prohibited and permissible activities. The agency also said it wanted views on how the federal regulatory agencies could implement the existing rule more effectively without revising the regulation.

The 45-day comment period ends on Wednesday (Sept. 21). As of midnight Sunday, 14 comments had been filed.

Also this week:

  • The FOMC meets Tuesday-Wednesday to discuss (among other things) the future of interest rates. FRB Chairman Janet Yellen has scheduled a press conference Wednesday at 2 p.m. ET
  • The NCUA Board releases its agenda on Thursday for its board meeting the following week (on Sept. 28). Widely expected to be on the agenda: adoption of a final rule on the board’s proposal to merge the federal credit union savings insurance fund with a fund set up to stabilize “corporate” credit unions in the wake of the financial crisis. Federally insured credit unions across the country could see a distribution to them of between $600 million to $800 million in early 2018 if the board adopts its own proposal as written. As of the Sept. 5 comments-due date, about 660 comments had been filed.
  • The CFPB closes out comments today on re-issuing its “consumer response intake form,” which is designed to aid consumers in the submission of complaints, inquiries, and feedback and to help the Bureau fulfill statutory requirements. Two comments have been filed as of today.

‘This week’ calendar details