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Jan 14, 2014

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SEC | Press Release January 14, 2014: Dissenting Statement Regarding Adoption of Interim Final Rule Regarding Certain CDOs Backed by TruPS as a "Companion Rule" to the Volcker Rule 01/14/2014 05:23 PM EST

SEC Seal

Dissenting Statement Regarding Adoption of Interim Final Rule Regarding Certain CDOs Backed by TruPS as a "Companion Rule" to the Volcker Rule

Commissioner Michael S. Piwowar

Jan. 14, 2014
It took only days for my concerns about the so-called Volcker Rule to be confirmed.  The public has already identified two serious flaws in the final rule, both related to a change in the definition of “ownership interest” from the proposal.  Those flaws are the result of a needlessly rushed rulemaking process and the agencies’ unwillingness to perform a reasoned analysis to understand the potential impacts of the many changes in the final rule.  The speed with which these concerns were brought to our attention suggests that if the rule had been reproposed we could have avoided the current need to develop expedited fixes.  Instead of adopting a “companion rule” to resolve our error with respect to the TruPS issue, we should immediately rescind and repropose the entirety of the Volcker Rule with a comment period sufficiently long enough for the public to identify other unintended consequences.  Engaging in a deliberative, thoughtful rulemaking process is the only way to ensure that rules work as intended.

Last modified: Jan. 14, 2014

Federal Reserve Board | Notification : Joint Press Release January 14 ,2014: Agencies approve interim final rule authorizing retention of interests in and sponsorship of collateralized debt obligations backed primarily by bank-issued trust preferred securities.

Board of Governors of the Federal Reserve System

Joint Press Release

Board of Governors of the Federal Reserve System
Commodity Futures Trading Commission
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency
Securities and Exchange Commission
For immediate release
January 14, 2014

Agencies Approve Interim Final Rule Authorizing Retention of Interests in and Sponsorship of Collateralized Debt Obligations Backed Primarily by Bank-Issued Trust Preferred Securities

Five federal agencies on Tuesday approved an interim final rule to permit banking entities to retain interests in certain collateralized debt obligations backed primarily by trust preferred securities (TruPS CDOs) from the investment prohibitions of section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, known as the Volcker rule. Under the interim final rule, the agencies permit the retention of an interest in or sponsorship of covered funds by banking entities if the following qualifications are met:
  • the TruPS CDO was established, and the interest was issued, before May 19, 2010;
  • the banking entity reasonably believes that the offering proceeds received by the TruPS CDO were invested primarily in Qualifying TruPS Collateral; and
  • the banking entity's interest in the TruPS CDO was acquired on or before December 10, 2013, the date the agencies issued final rules implementing section 619 of the Dodd-Frank Act. 
The federal banking agencies on Tuesday also released a non-exclusive list of issuers (PDF) that meet the requirements of the interim final rule.
The interim final rule defines Qualifying TruPS Collateral as any trust preferred security or subordinated debt instrument that was:
  • issued prior to May 19, 2010, by a depository institution holding company that as of the end of any reporting period within 12 months immediately preceding the issuance of such trust preferred security or subordinated debt instrument had total consolidated assets of less than $15 billion; or
  • issued prior to May 19, 2010, by a mutual holding company. 
Section 171 of the Dodd-Frank Act provides for the grandfathering of trust preferred securities issued before May 19, 2010, by certain depository institution holding companies with total assets of less than $15 billion as of December 31, 2009, and by mutual holding companies established as of May 19, 2010. The TruPS CDO structure was the vehicle that gave effect to the use of trust preferred securities as a regulatory capital instrument prior to May 19, 2010, and was part of the status quo that Congress preserved with the grandfathering provision of section 171.
The interim final rule also provides clarification that the relief relating to these TruPS CDOs extends to activities of the banking entity as a sponsor or trustee for these securitizations and that banking entities may continue to act as market makers in TruPS CDOs.
The interim final rule was approved by the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the Commodity Futures Trading Commission, and the Securities and Exchange Commission, the same agencies that issued final rules to implement section 619. The agencies will accept comment on the interim final rule for 30 days following publication of the interim final rule in the Federal Register.
Media Contacts:
Federal Reserve Board Barbara Hagenbaugh (202) 452-2955
CFTC Steve Adamske (202) 418-5080
FDIC Andrew Gray (202) 898-7192
OCC Bryan Hubbard (202) 649-6870
SEC Public Affairs (202) 551-4120
Attachment (101 KB PDF)
Last update: January 14, 2014

NYT | Asian Morning January 15, 2014: Top News President Obama fears that new sanctions could upend nuclear negotiations. But senators from both parties say the West needs the specter of more sanctions as a Obama Fights a Push to Add Iran Sanctions

The New York Times
NYT Apps |

Wednesday, January 15, 2014

Top News
President Obama fears that new sanctions could upend nuclear negotiations. But senators from both parties say the West needs the specter of more sanctions as a
Obama Fights a Push to Add Iran Sanctions


With the United States and Iran set to embark on a critical phase of nuclear talks, President Obama is struggling to prevent Senate Democrats from backing a bill that could thwart his diplomatic efforts.
. Interactive  Interactive: Timeline on Iran's Nuclear Program
Israeli Minister's Reported Comments Deriding Peace Effort Draw U.S. Rebuke


A news report that the Israeli defense minister thinks John Kerry's efforts are naïve and messianic drew criticism from Washington, and some Israeli leaders.
Court Rejects Equal Access Rules for Internet Providers


The decision by a federal appeals court could pave the way for providers like Verizon and AT&T to charge content companies to deliver data at a faster speed.
. Documents  Document: Appeals Court Opinion Rejecting F.C.C. Net Neutrality Rules
For more top news, go to
Editors' Picks


Video Video: Think Back: The Military Budget
United States military spending has ballooned since World War II, although Americans have historically been reluctant to go to war. The Times's Sam Tanenhaus explains why.

OPINION | Op-Ed Contributor

Keep Pollard Behind Bars


A man who betrayed America by spying for Israel does not deserve clemency.

Fleeing Violence in South Sudan, Scores Drown in White Nile


Reports said a ferry accident claimed the lives of more than 200 people who were trying to escape a rebel advance on Malakal, the capital of the oil-rich state of Upper Nile.
Speaking to air force commanders in Tehran on Thursday, Ayatollah Ali Khameini said Iran
Hard-Liners in Iran Offer Mild Praise for Interim Nuclear Agreement


Conservatives cautiously welcomed the completion of an interim agreement that would provide Tehran with some relief from Western sanctions.
An Egyptian received a ballot for the constitutional referendum at a polling station in Cairo on Tuesday.
Egyptians Vote on New Constitution in Referendum


Residents on Tuesday began two days of voting on a charter that the country's top military officer has cast as a potential precursor to a bid for the presidency.
. Interactive  Interactive: Timeline of Turmoil in Egypt
For more world news, go to

Supreme Court Raises Bar for U.S. Suits Against Foreign Companies


The justices unanimously ruled that residents of Argentina could not sue Daimler in California in connection with abuses during Argentina's Dirty War.
Tony Fadell, the chief executive of Nest, with his company's Protect smoke alarm.
For Google, a Toehold Into Goods for a Home


The $3.2 billion deal for Nest Labs, which is led by former Apple engineers, will expand the technology giant's portfolio of consumer goods.
. Bits Blog: Google and Nest, Two Companies in the Business of Understanding You
. Bits Blog: Shooting for the Moon, Google Hopes to Own the Future
Ford Remakes F-150, the Nation's No. 1 Vehicle


Ford has invested heavily to significantly make over the truck, even though it finished 2013 as the nation's top-selling vehicle of any kind for the 32nd consecutive year.
For more business news, go to

T-Mobile executives, from left: Braxton Carter, chief financial officer; John Legere, chief executive officer; and Mike Sievert, chief marketing officer.

Bits Blog

A Conversation With T-Mobile US Executives


In a brief interview last week, T-Mobile's top executives shared their thoughts about the company's future and its competitors.
One Times reader said he gives retailers the email address he created for Billy, his dog.

Bits Blog

Feigning Deafness, Giving Your Dog's Email and Other Reader Tips to Thwart Privacy Grubbers


To avoid handing over personal information, some readers said they feign deafness. Others provide a fake email address belonging to their dog or Representative Paul D. Ryan of Wisconsin.
Motorola Mobility announced plans to sell its Moto X device in Britain, France and Germany next month. It will cost 399 euros, or $545, without a cellphone contact.

Bits Blog

The Moto X Heads to Europe


It is far from certain that the international expansion can reverse the phone's lackluster sales, as the competition for top-of-the-line smartphones is becoming stiffer by the minute.
For more technology news, go to

Judge Questions Whether Sum of N.F.L. Settlement Is Enough


A federal judge on Tuesday did not approve the proposed $765 million settlement of the N.F.L. concussion case, saying it might not be enough to cover all of the retirees' claims.
Lleyton Hewitt came back from two sets down against Andreas Seppi only to lose in five.
Australians' Grand Slam Hopes Wilt in Melbourne Heat


Six Australian men's singles players took the court on Tuesday. Two wild-card entries advanced, but both were unlikely to last much longer.
. Forecast for Meteorologist's Workweek: Busy
Caroline Wozniacki on her way to victory Tuesday against Lourdes Domínguez Lino of Spain at the Australian Open in Melbourne. Her engagement to the golfer Rory McIlroy has been one of the big off-court topics of discussion in tennis this year.
Happy Off the Court, Wozniacki Aims to Raise Her Game on It


Now engaged to the golf player Rory McIlroy, the former world No. 1 has changed coaches as part of a bid to secure her first Grand Slam title.
. Swiss Teenager Beats Date-Krumm in a Battle of Generations
For more sports news, go to

U.S. News
Phuong Lu, right, quit her job at a nail salon two years ago to stay home and care for her mother, Doanh Nguyen, 81, when her symptoms of Alzheimer's worsened.
As Asian-Americans Age, Their Children Face Cultural Hurdles


Asian-Americans are struggling to abide by a strong tradition in which they are commonly expected to care for their parents at home, but few institutions are prepared to help.
Snowden to Join Board of Press Freedom Foundation


The foundation set up by Daniel Ellsberg, the Pentagon Papers leaker and a supporter of Edward J. Snowden, encourages publishing government secrets in the public interest.
2 Injured in Shooting at New Mexico School


The police in Roswell said a suspected gunman was arrested after a shooting at Berrendo Middle School.
For more U.S. news, go to



'Running on Fumes in North Dakota'


A female truck driver recounts her loneliness and disappointment working in the oil industry.


Abortion Rights: Uphold Buffer Zones


The Supreme Court should uphold sensible buffer zones at health clinics.


Abortion Rights: A Good Ruling Stands


The Supreme Court left a good ruling alone when it let stand the rejection of Arizona's 20-week abortion ban.
For more opinion, go to

Reuters | Daily Investor Briefing January 14, 2014:

Retail sales, inventory data suggest strong fourth-quarter growth
WASHINGTON (Reuters) - U.S. retail sales edged up in December with a core spending gauge posting a big jump, a sign the economy gathered steam at the end of last year and was poised for stronger growth in 2014.
Wall Street rebounds as sales point to healthy economy
NEW YORK (Reuters) - U.S. stocks rose on Tuesday, erasing much of the previous session's steep drop, after as a strong December retail sales reading eased concerns about a slowdown in the economy.
Intel not opening new chip factory heralded by Obama
SAN FRANCISCO (Reuters) - Intel Corp , hit by slumping personal computer sales, has put off opening a major chip factory that President Barack Obama once held up as an example of U.S. manufacturing potential.
Exclusive: Nasdaq pushes to speed up talks over market fixes
NEW YORK (Reuters) - Nasdaq OMX Group is prepared to walk away from running the data processor that was at the center of a three-hour trading halt in August, in a sign of its frustration with the pace of talks over implementing fixes for the system, according to documents seen by Reuters.
Ford CEO eyes long view, but still engaged in day to day
DETROIT (Reuters) - Alan Mulally, credited with reviving Ford Motor Co's fortunes, emphasized on Tuesday that he remains deeply engaged in day-to-day operations as well as setting the second-largest U.S. automaker's long-term strategy.
Charter touts benefits of offer for Time Warner Cable
(Reuters) - Charter Communications expects annual synergies of $500 million and other benefits such as tax savings from its proposed acquisition of Time Warner Cable, the company said in an investor presentation posted on its website Tuesday.
Fed considers new limits on banks in physical commodity trade
NEW YORK/WASHINGTON (Reuters) - The U.S. Federal Reserve on Tuesday took a first formal step toward restricting the role of Wall Street banks in physical commodities markets, seeking feedback on ways to limit the "catastrophic" risks of dealing with oil tanks or power plants.
JPMorgan profit hit by Madoff, weaker investment banking
(Reuters) - JPMorgan Chase & Co posted a 7.3 percent decline in quarterly profit on Tuesday, as legal woes and weak demand for investment banking services capped off a tough year for Chief Executive Jamie Dimon.
Tesla demand surges, stock rises 12 percent
DETROIT (Reuters) - Electric car maker Tesla Motors Inc said on Tuesday deliveries of its Model S sedan in the fourth quarter blew past what the company had forecast, sending shares up 12 percent.
Monte Paschi board says CEO to stay on
MILAN (Reuters) - The board of Monte dei Paschi di Siena has unanimously confirmed its faith in CEO Fabrizio Viola despite him being forced to delay a crucial capital increase, the bank said on Tuesday.