Milbank Financial Institutions Regulatory partner Douglas Landy was quoted in an American Banker article, “Why Volcker Rule Reform Won’t Happen Quickly.” The article discussed The Office of the Comptroller of the Currency’s decision to solicit feedback on rolling back the Volcker Rule. The regulators, who are responsible for the complex rulemaking have concluded that it’s overly complicated and needs to be revised. Mr. Landy comments, “No one is sure where the line is drawn between interpretation” of the law, which must be a joint exercise with the other agencies, “and one-on-one interaction between an agency and the bank it regulates.” Mr. Landy adds, “There might be actions that you can take along the edges there solo.”
