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BankNews Mid-Week brings you the news you need every Wednesday, covering important industry issues for the states of Colorado, Illinois, Iowa, Kansas, Nebraska, New Mexico, Missouri, Oklahoma, Texas and Wyoming.
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Jan. 22, 2014
AN INTERIM FINAL RULE was approved by federal regulators last Tuesday (Jan. 14) to permit banking entities to retain interests in certain collateralized debt obligations backed primarily by trust preferred securities from the investment prohibitions of 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.
— The banking entity’s interest in the TruPS CDO was acquired on or before Dec. 10, 2013, the date the agencies issued final rules implementing section 619 of the Dodd-Frank Act (the Volcker Rule).
The federal banking agencies at the same time also released a non-exclusive list of issuers that meet the requirements of the interim final rule.