Exclusive - Wall St. banks ask Fed for 5 more years to comply with Volcker rule

Big Wall Street banks are asking the U.S. Federal Reserve to grant them an additional five-year grace period to comply with a financial reform regulation known as the Volcker rule, people familiar with the matter said. If the Fed agrees, the extension would give banks more time to exit fund investments that are difficult to sell, but no longer allowed by the law. The law on Volcker rule implementation says banks can ask for an extra five-year extension for "illiquid" funds, where banks had contr