News release: “As more fully explained in this statement, the Board confirms that banking entities by statute have two years from July 21, 2012, to conform all of their activities and investments to section 619 [Dodd-Frank Wall Street Reform and Consumer Protection Act, or the so-called Volcker Rule], unless that period is extended by the Board. During the conformance period, banking entities should engage in good-faith planning efforts, appropriate for their activities and investments, to enable them to conform their activities and investments to the requirements of section 619 and final implementing rules by no
later than the end of the conformance period. This may include complying with reporting or record keeping requirements if such elements are included in the final rules implementing section 619 and the agencies determine such actions are required during the conformance period.”