In 2018, President Trump signed the Economic Growth, Regulatory Relief, and Consumer Protection Act (the “Growth Act”) into law. The Growth Act significantly amended two aspects of the Volcker Rule: (1) creating an exemption for community banks, and (2) increasing opportunities to have funds and their investment advisers co-brand by sharing names.
On Tuesday, July 9, 2019, five federal agencies, (the “Agencies”), adopted new final rules to implement the Growth Act's changes to the Volcker Rule by conforming each agency's version of the Volcker Rule regulations to the Growth Act. The Agencies proposed the new rules on February 8, 2019 and received industry comments, as per the Administrative Procedure Act, before being finalized. The rules were ultimately adopted as proposed, without any changes.