The Federal Reserve Board has announced that banking entities covered by section 619 of the Dodd-Frank Act will be required to fully conform their activities and investments to the statute and regulations by July 21, 2015. The Dodd-Frank Act directed the Board to adopt rules governing the conformance period for section 619 and requires banking entities to conform by July 21, 2014, unless extended by the Board. To ensure effective compliance, the Board is extending the conformance period by one year.
The Federal Reserve Board, OCC, FDIC, SEC, and CFTC will apply section 619 in accordance with the Board’s conformance rule.
Read More: Federal Reserve Board Press Release
View ABA Article: Federal Reserve Sets Volcker Rule Conformance Period