Fed Gives Extension to Banks for Part of Volcker Rule

``The Fed said banks would have two additional years to make sure their collateralized loan obligations don't fall under the rule's ban on speculative investments. The decision could force some banks to divest their CLOs, which are complex securities that bundle together corporate loans as well as bonds... if several banks have to sell their roughly $120 billion to $130 billion of CLO notes before the deadline, banks could lose money... because they constitute 70% of the traditional buyers for the notes and nontraditional buyers may not offer par, or full price.''