WASHINGTON In the space of just a few hours, regulators issued and banks condemned guidance meant to clarify the impact of the Volcker rule on small institutions.
The trading ban, which prohibits banks from taking risky bets with taxpayer funds, limits banks' ability to hold collateralized loan obligations and collateralized debt obligations. Shortly after it was finalized last week, at least three banks signaled they planned to sell such CDOs, potentially at a significant loss, prompting widespread concern across the industry.
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