The Federal Reserve on Thursday gave banks more time to meet a provision in the Volcker rule that bans them from betting with their own money through investments in risky hedge and private equity funds. The Fed had earlier announced the delay until 2017 for one type of funds, known as collateralized loan obligation (CLO), which banks use to shift the credit risk in leveraged loans off their balance sheet, and sell it to others. The central bank now expanded the scope of the extension in the conformance period for other types of funds. The Volcker rule, named after former Federal Reserve Chairman Paul Volcker, limits ... (full story)