[20170920]IF10736_抵押贷款债务（CLO）和沃尔克规则.pdf

https:/crsreports.congress.gov September 20, 2017Collateralized Loan Obligations (CLOs) and the Volcker RuleRecent rulemaking to implement Section 619 (the Volcker Rule) of the Dodd-Frank Act focused attention on bank participation in collateralized loan obligations (CLOs). Loans can be pooled and funded via a CLO trust structure, which subsequently creates and issues securities. This In Focus provides background discussions on loan funding, distinguishing between types of functionally equivalent transactions, and how the structure of bank CLOs is used to fund loans. On December 10, 2013, the federal financial regulations issued final rules for the Volcker Rule, but its effects on CLO markets may be inconclusive. H.R. 10, a broad financial reform bill that passed the House, would repeal the Volcker Rule. Funding Loans: Background Concepts Lenders generally fund their longer-term assets (e.g., consumer and business loans) via a continuous series of shorter-term borrowings. Lenders profit from the spreads between the loan prices (interest rates), or the difference between the rates charged on longer-term loans, and the rates paid to savers (e.g., depositors, short-term creditors) on