The Division of Consumer and Community Affairs of the Board of Governors of the Federal Reserve System ("FRB") updated its Consumer Compliance Handbook. The revised procedures reflect a series of amendments to Regulation Z and Regulation X by the Consumer Financial Protection Bureau (CFPB). These include: revisions to the disclosures received in connection with most closed-end mortgage loans, amendments affecting higher-priced mortgage loan appraisal requirements and other amendments issued by the CFPB.

FINRA proposed extending the Tier Size Pilot program scheduled to expire on December 11, 2015 until June 10, 2016. The Tier Size Pilot was filed originally with the SEC on October 6, 2011 to amend the minimum quotation sizes for OTC Equity Securities. The purpose of the extension is to provide FINRA with additional time to finalize its recommendation concerning the pilot. The proposed rule change amends FINRA Rule 6433 ("Minimum Quotation Size Requirements for OTC Equity Securities").

The FDIC added content to its available cybersecurity awareness resources for financial institutions. Submitted under the FDIC's Community Banking Initiative, the new resources include a cybersecurity awareness video and three vignettes for the Cyber Challenge, a series of exercises that are intended to encourage the discussion of cyber-risk issues.

The SEC approved amendments to Trade Reporting and Compliance Engine (TRACE) FINRA Rule 6730 (Transaction Reporting). The amendments require an indicator to identify pricing information when the TRACE report does not reflect a commission or mark-up/mark-down. The implementation of the amendments will become effective on May 23, 2016.

Federal Reserve Bank of New York ("NY Fed") Executive Vice President Alberto G. Musalem outlined NY Fed initiatives to promote a positive banking culture. Mr. Musalem explained that the initiatives are a response to recent incidents of misconduct, including a case involving the manipulation of LIBOR. He also stressed that the "responsibility to address these flaws" in the "culture of banking . . . rests with the banks themselves." Mr. Musalem described the NY Fed's message to the banking industry as follows: (i) cultural problems are the banking industry's responsibility to solve, (ii) a bank