Exclusive: Wall St. banks ask Fed for five more years to comply with Volcker rule

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 contractual commitments to invest. In deciding whether to grant Wall Street more leeway, the Fed has asked banks to provide details on their specific investments to prove that they fall under the statutory definition of "ill