FINRA's proposed rule change to update cross-references was published in the Federal Register. The proposed update would reflect the adoption of new consolidated rules regarding payments to unregistered persons. The rule change is effective immediately and comments must be submitted by August 26, 2015. See: 80 FR 46630. Related news: FINRA Proposes Rule to Update Cross-References (July 23, 2015).

In a speech given on the fifth anniversary of the Dodd Frank Act, SEC Commissioner Gallagher argued that Dodd-Frank "has backfired, strangling our economy, increasing the fragility of the financial system, and politicizing our independent financial regulators," and that it is the "only piece of major securities legislation in U.S. history that was rammed through Congress without bipartisan support." Although Commissioner Gallagher recognized that prudential regulation is "an important tool," he also expressed his concern that "in practice, 'prudential' regulation can and has evolved into an

The Consumer Financial Protection Bureau ("CFPB") filed a lawsuit in federal district court against an offshore payday lender for collecting payday loans over the Internet to U.S. consumers in all 50 states. The CFPB alleged that the defendants illegally collected loan amounts and fees that were void or that consumers had no obligation to pay, and falsely threatened consumers with lawsuits and imprisonment. The CFPB stated that it seeks to "end the companies' alleged illegal practices and obtain monetary relief for consumers." See: CFPB Press Release.

The CME Group and the China Foreign Exchange Trade Systems ("CFETS") announced that they signed a memorandum of understanding facilitating the establishment of a joint venture in the United States. The joint venture is intended to stimulate the development of markets pursuant to the Seventh Strategic Economic Dialogue between China and the United States.

The CFTC Division of Market Oversight announced that it granted two extensions to ICE Futures U.S.: a 45-day extension of the public comment period, and a 60-day extension of the stay period, for Submission No. 15-101, dated May 11, 2015. The stay is based on the premise that an inadequate explanation of the subject rule amendment accompanied the rule amendment. Under the amendment, ICE Futures U.S. would adopt a new estimation for deliverable supply on which position limits for eight of their NYISO Zone G futures contracts would be based. Comments must be submitted electronically on or before