Volcker Rule Block Request Dropped by Bankers Group
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The American Bankers Association dropped its request for a federal judge to temporarily block Volcker Rule restrictions on collateralized debt obligations backed by trust-preferred securities.
The industry group said the temporary restraining order it had requested is no longer needed after regulators said Dec. 27 they are reviewing challenged aspects of the rule, according to a filing yesterday in federal court in Washington. The bankers group isn’t withdrawing the lawsuit it filed Dec. 24 and asked the judge to approve a schedule for it to proceed with seeking to halt the rule’s implementation for the duration of the lawsuit.