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The Boston Globe

Business

Lenders put Volcker rule to test in lawsuit

The banks have fired their first salvo in what could soon turn into a war of litigation over the Volcker Rule.

As expected, the American Bankers Association, an industry trade group, filed a motion in federal court in Washington on Tuesday seeking to quickly suspend one part of the two-week-old Volcker Rule. The group claims 275 small banks will suffer an imminent $600 million hit to capital and make them less likely to lend to consumers and businesses.

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