The SEC announced that David Grim was named Director of the Division of Investment Management. Mr. Grim was the Division's Acting Director since February, following the departure of former Director Norm Champ. See: SEC Press Release.

The IRS released proposed regulations regarding master limited partnership ("MLP") qualifying income as to minerals and natural resources. A MLP is generally subject to a corporate-level tax unless at least 90 percent of its income constitutes "qualifying income." Under section 7704, qualifying income includes passive-type income (such as interest, dividends, and rent), but also includes income and gains derived from the exploration, development, mining, or production, processing, refining, transporting, or marketing of minerals or natural resources (each, a "qualifying activity"). Previously

U.S. Senators Elizabeth Warren (D-MA) and David Vitter (R-LA) introduced the Fed Accountability Act ( S. 1248), which is intended to increase independence of individual Governors on the Board of Governors of the Federal Reserve System ("FRB"). The Act is designed to increase transparency by requiring a public vote on all enforcement actions resulting in fines over $1 million. According to the sponsors, the bill would allow each member of the FRB to maintain his or her own staff. The bill was introduced on May 7, 2015, and referred to the Committee on Banking, Housing, and Urban Affairs

The Federal Reserve Bank of New York announced that the Wholesale Product Office ("WPO") would now be a stand-alone Group within the Bank. The WPO, currently a function within the Bank's Executive Office, manages the Fedwire Funds, Fedwire Securities and the National Settlement Service. The Bank also announced that Richard P. Dzina will be promoted to executive vice president and group head, effective July 1, 2015. See: NY Fed Press Release.

The Federal Deposit Insurance Corporation ("FDIC") announced that Jeremiah O. Norton submitted his resignation as FDIC Director, effective June 5, 2015. See: FDIC Press Release; Norton's Letter of Resignation to President Obama.