The Board of Governors of the Federal Reserve System extended to July 21, 2017, the date by which banking entities must divest their ownership in certain legacy investment funds and end relationships with funds that are prohibited under the s0-called “Volcker Rule” under the Dodd-Frank Wall Street Reform and Consumer Protection Act. In general, the Volcker Rule prohibits insured depository institutions and affiliated companies from engaging in proprietary trading and from acquiring or maintaining an ownership interest in or having certain relationships with a hedge fund or private equity fund, subject to some express exclusions.