FINRA released the first podcast in a four-part series on Firm Element training. The series highlights new and updated topics for firms to consider when developing and implementing their Firm Element training plans. The first podcast noted FINRA's guidance in the following areas: Communications rules. Non-promotional communications, institutional communications and a filing exclusion for non-material changes to previously filed retail communications. Cybersecurity. Risk assessment, incident response plans and staff training. Dispute resolution. FINRA amended the codes of arbitration procedure

The Structured Finance Industry Group, Inc. ("SFIG") and SIFMA filed an amicus brief urging the U.S. Supreme Court to grant certiorari and reverse a Second Circuit ruling that the application of state usury laws to third-party assignees is not preempted by the National Bank Act. In Midland Funding and Midland Credit Management, Inc. v. Saliha Madden, the lead plaintiff defaulted on a credit card loan made by a national bank. The loan was then sold to a collection company that raised the rate on the loan to 27% per annum, which rose above the permitted rate in New York of 25% per annum. The

Threats to the stability of the U.S. financial system have grown over the past year, according to the first Financial Stability Report by the Office of Financial Research (OFR) . The report details a number of major risks to the financial markets. They include the following: (i) elevated and rising credit risks, as borrowing fueled by highly accommodative credit and underwriting standards continues to expand, with defaults rising in lower-rated debt issuers and in the energy and commodity markets; (ii) possible financial stability risks imposed by macroeconomic conditions, including lower

The SEC proposed the form and manner in which security-based swap data repositories ("SDRs") will be required to make security-based swap data available to the SEC under Exchange Act Rule 13n-4(b)(5) ("Duties and Core Principles of Security-Based Swap Data Repository"). The proposed amendment would "require SDRs to make these data available to the SEC according to schemas that will (i) be published on the SEC Web site and (ii) reference international industry standards Financial products Markup Language ("FpML") and Financial Information eXchange Markup Language ("FIXML"). Comments on the

Eighteen distinguished professors of bankruptcy and corporate law expressed concern that a "proposed omnibus appropriations rider" could amend the Trust Indenture Act of 1939 ("TIA") "without any legislative hearings or opportunity for public comment." In a letter addressed to Senate and House leadership, the professors argued that the "hasty amendment of the Trust Indenture Act could have broad negative unintended consequences in the securities markets." Provisions of the TIA are intended to protect bond investors, they argue "by requiring any restructuring of bonds to occur subject to the