(2013-02-28) Occupy Sec Sues Fed And Others Over Volcker Rule

Occupy The Sec (OSEC) has filed a lawsuit in the Eastern District of New York against six federal agencies (Federal Reserve, SEC, CFTC, OCC, FDIC) over those agencies’ delay in promulgating a Final Rulemaking in connection with the “VolckerRule” (Section 619 of the Dodd Frank Act of 2010)... Almost three years since the passage of the Dodd-Frank Act, these agencies have yet to finalize regulations implementing the Volcker Rule. Section 619(b)(2)(A) of the Dodd-Frank Act set a mandatory deadline for the finalization of the Volcker regulations. That deadline passed over a year. Despite this fact, the federal agencies charged with finalizing the Rule have yet to do so. In fact, senior officials at the agencies have indicated that they do not intend to finalize the Volcker Rule anytime soon.