Banks Draw Out Their Knives

Legal challenges appear in store for Volcker rule.

, The National Law Journal


Venable's Andrew Olmem
Venable's Andrew Olmem

Venable's Olmem said the outcome of any lawsuit is hard to predict, especially in this case, with three new judges nominated by Obama who are likely to soon join the U.S. Court of Appeals for the D.C. Circuit. Moreover, there's no guarantee that if the rule were reversed and remanded, the final result would be more palatable. "The key question is: Can banks improve on the rule by suing?" Olmem said.

Banks have until July 2015 to comply with the rule — a one-year extension of the original target date. As a result, there's "no all-fired rush to go to court," Fisher of Ballard Spahr said. "I think people will wait until the compliance date is closer until they resort to judicial review."

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