Regulators handed Wall Street banks a temporary reprieve from a rule that forces them to pull out of certain risky investments.

The Federal Reserve said it would give banks two additional years to sell stakes in private equity, venture capital and hedge funds covered by the "Volcker rule". The change is a win for banks who had asked for more time to unwind positions, though the delay isn't as generous as an up to seven-year reprieve for which Wall Street had lobbied.