Senators from the Committee on Agriculture sent a letter urging the Treasury Secretary to begin a review of a Brazil-based meat processing and distribution company's planned acquisition of a Missouri-based beef processing company.

MSRB reminded brokers, dealers and municipal securities dealers of their investor protection obligations regarding transactions in the municipal securities of distressed municipalities.

The Office of the Comptroller of the Currency, the FDIC and the Board of Governors of the Federal Reserve System proposed amending their capital rules to incorporate revised financial accounting standards for credit losses.

Federal Reserve Bank of New York Executive Vice President Michael Held expressed concerns about "excessive formalism" and rigid reliance on the standard risk management model.