The SEC announced fraud charges against ITT Educational Services, Inc. ("ITT"), as well as its chief executive and financial officers. According to the SEC, national operator of for-profit colleges ITT and its two executives fraudulently concealed from its investors the poor performance and "looming financial impact" of two student loan programs that ITT guaranteed financially. The SEC alleges that ITT formed both of these student loan programs to provide off-balance sheet loans for ITT's students following the collapse of the private student loan market. According to the SEC, ITT induced

Comptroller of the Currency Thomas J. Curry delivered remarks before the 2015 State Small Credit Initiative Conference. He spoke about how the Community Reinvestment Act can help to encourage small business lending. See: Comptroller Curry's Remarks.

The SEC approved a FINRA amendment to the TRACE rules that implements a new contra-party type for use by firms in identifying transactions with nonmember affiliates. The amendment also requires firms to identify transactions with nonmember affiliates separately when they occur within the same day, at the same price and in the same security as a trade with another contra-party. The amendment will become effective on November 2, 2015. See: FINRA Reg. Notice 15-14. Related news: FINRA Delays Implementation Date of Approved Trade Reporting Amendments (Fed. Reg.) (April 30, 2015); SEC Grants

Senate Banking Chair Richard C. Shelby (R-AL) released a draft of "The Financial Regulatory Improvement Act of 2015". The bill is intended to implement a wide variety of financial regulatory reforms and promote greater Congressional oversight of the Board of Governors of the Federal Reserve System (the "FRB"). The bill is divided into 8 Titles that would implement the following reforms: Title 1 concerns access to consumer credit and would (i) streamline certain bank examination and reporting requirements for community banks and (ii) exempt banks with less than $10 billion in assets from the

SIFMA and ISDA responded to the CFTC's request for comments in its initial response to the order of the United States District Court for the District of Columbia in SIFMA v. CFTC. The order remanded eight swaps-related rulemakings by the CFTC to address "inadequacies" in the Commission's consideration of costs and benefits. In its initial response, the CFTC issued supplements formally to the preambles of the eight remanded swaps-related rulemakings and solicited comments on the cross-border costs and benefits that apply to the remanded rules and that differ from those that apply to activities