Institutional Investor, Compliance Week and International Financial Law Review (IFLR) reported on the bill passed by Congress on May 22 to roll back parts of Dodd-Frank. The articles include remarks from Investment management partner Mark Nuccio. “It’s not a radical rollback,” Mr. Nuccio stated in Institutional Investor. “What they’re trying to do is get back to a more normal bank examination process.” While the Economic Growth, Regulatory Relief, and Consumer Protection Act would free smaller banks with less than $10 billion of assets from the Volcker rule, they weren’t the ones typically engaging in the types of activities the regulation sought to prohibit after the crisis, according to Mr. Nuccio. But the bill is still a win for big banks as it makes record-keeping for the rule less arduous from a regulatory point of view. “The Volcker rule is very difficult to comply with,” Mr. Nuccio said. “It’s like trying to drive down the highway with a state policeman in the backseat.” An article authored by Mr. Nuccio and investment management counsel Richard Lowey titled “Rolling Back the Dodd-Frank Reforms,” was also featured on Harvard Law School Forum on Corporate Governance and Financial Regulation.
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