Zions Bancorporation ( ZION ) of Salt Lake City on Dec. 16 said it had determined that "substantially all" of its investments in CDOs backed by trust preferred securities would be disallowed under Volcker. The company said it would record a fourth-quarter other-than-temporary impairment charge of $629 million on the transfer of disallowed held-to-maturity securities to held-for-sale. The bank also said it had until July 21, 2015 to sell the trust preferred CDOs, "unless, upon application, the Federal Reserve grants extensions to July 21, 2017."