This week, the Federal Reserve Board announced that it is giving banking entities two additional one-year extensions to "conform their ownership interests in and sponsorship of certain collateralized loan obligations covered by the Dodd-Frank Act's Volcker Rule (See our Dec 10, 2013, blog post – "Five federal financial agencies finalize the highly anticipated Volcker Rule"). The rule prohibits insured depository institutions and their affiliates from "engaging in proprietary trading and from acquiring or retaining ownership interests in, sponsoring, or having certain relationships with a hedge fund or private equity fund." According to Comptroller of the Currency Thomas J. Curry, the roughly 900-page rule is meant to "ensure that banks can't make speculative trades that are so large and risky that they threaten individual firms or the winder financial system." The Federal Reserve previously extended the conformance period for all activities and investments by one year to July 21, 2015. With the two additional one-year extensions, the new deadline is July 21, 2017. For more, read the full news release.