Statement Of Concurrence By Commissioner Scott D. O’Malia On The Volcker Rule Treatment Of Certain CDOs Backed Primarily By TruPS

I support the interim final rule adopted by the Commission and the OCC, Federal Reserve Board, FDIC, and SEC (“Agencies”). When an unintended consequence of a regulation is discovered, it is imperative that it be expeditiously corrected to avoid unintentional harm to affected parties. Broken rules must be fixed, and I applaud the work of the Agencies to quickly respond to the public’s concerns and comments regarding the holding of TruPS CDOs by community banks affected by the Volcker Rule.