Statement of Concurrence by Commissioner Scott D. O’Malia on the Volcker Rule Treatment of Certain CDOs Backed Primarily by TruPS

January 14, 2014

I support the interim final rule adopted by the Commission and the OCC, Federal Reserve Board, FDIC, and SEC (“Agencies”). When an unintended consequence of a regulation is discovered, it is imperative that it be expeditiously corrected to avoid unintentional harm to affected parties. Broken rules must be fixed, and I applaud the work of the Agencies to quickly respond to the public’s concerns and comments regarding the holding of TruPS CDOs by community banks affected by the Volcker Rule.

Last Updated: January 14, 2014