Rodgin Cohen on Volcker Rule, Financial Regulation

The transcript discusses the impact of banking regulations, focusing on anti-money laundering (AML) and the Volcker Rule. It highlights the role of regulatory agencies and leadership in shaping policies. The discussion includes the potential for an AML utility to reduce burdens and improve effectiveness. The importance of leadership in regulatory agencies is emphasized, with a focus on key positions like the vice chair for supervision at the Fed. The transcript concludes with strategies for businesses to navigate regulatory uncertainty, emphasizing the need for influence on governmental priorities.

What is identified as the single biggest user of expenditure and personnel in the banking industry?

• Volcker Rule compliance

• Customer service

• Anti-money laundering

• Interest rate management

What simple amendment to the Volcker Rule is suggested to solve most of the problems?

• Redefining banking entity to exclude affiliates

• Eliminating the rule entirely

• Redefining banking entity to include affiliates

• Increasing the scope of the rule

According to the discussion, what can significantly improve banking regulations?

• Changing the leadership of regulatory agencies

• Increasing penalties for non-compliance

• Increasing the number of regulations

• Reducing the number of banks

What are the three key positions mentioned that influence the regulatory environment?

• Treasurer, Auditor, Compliance Officer

• President, Vice President, Secretary of State

• CEO, CFO, COO

• Vice Chair for Supervision, Comptroller of the Currency, FDIC

What is suggested as a way for banks to deal with regulatory uncertainty?

• Influencing governmental priorities, especially in infrastructure

• Avoiding any interaction with the government

• Reducing workforce to cut costs

• Focusing solely on customer service