Banking regulators have until Monday to respond to a lawsuit filed by the American Bankers Association over the Volcker Rule.
The ABA on Tuesday filed a lawsuit against the Federal Reserve, the Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency in federal court in the District of Columbia. The lawsuit objects to the requirement that banks shed certain collateralized debt obligations made up of trust-preferred securities.
Regulators originally had until Friday to file their response. They asked the court earlier this week to extend the deadline until Jan. 10 but were given only a few extra days instead. The extension until Monday was reported by The Wall Street Journal and confirmed by an ABA spokesman Thursday.