Amends the Bank Holding Company Act of 1956 regarding prohibitions on proprietary trading and certain relationships with hedge and private equity funds (Volcker Rule).
Prohibits the construction of these prohibitions to require either a banking entity with total consolidated assets of less than $50 billion or a mutual holding company to divest from a collateralized debt obligation issued before May 19, 2010, if: (1) the primary purpose for the obligation was as a vehicle for trust preferred securities, and (2) the investment in the obligation was made on or before December 10, 2013.