U.S. Senator Elizabeth Warren (D-MA) and House Representative Elijah E. Cummings (D-MD) sent letters to multiple banks, requesting information about how the institutions will alter their swaps trading practices in response to the passage of Section 630 of the 2015 Consolidated and Further Continuing Appropriations Act ("Section 630") ( i.e., the amendments to the swaps "push-out" requirements of Section 716 of Dodd-Frank). In the letter, Senator Warren and Rep. Cummings requested information from the banks so as to "aid in our oversight of the impact of Section 630." Information requested

FINRA filed with the SEC a proposed rule change to amend FINRA Rule 6433 ("Minimum Quotation Size Requirements for OTC Equity Securities") to extend the Tier Size Pilot for an additional three months, until May 15, 2015. The purpose of the extension is to provide FINRA with additional time to finalize its recommendation with regard to the Pilot. The proposed rule change was filed for immediate effectiveness. See: Text of Proposed Rule Change. Related news: FINRA Rule Change to Extend Tier Size Pilot Regarding Minimum Quotation Size Requirements for OTC Equity Securities Published (Fed. Reg.)

The Board of Governors of the Federal Reserve System ("FRB") requested public comment on a proposed rule to expand the FRB's Small Bank Holding Company Policy Statement (the "Policy Statement") to apply to bank holding companies and savings and loan holding companies with total consolidated assets under $1 billion that satisfy the qualitative requirements specified in the Policy Statement. Institutions covered by the Policy Statement are exempt from the FRB's regulatory capital requirements. The proposed rule would also exempt such institutions from quarterly consolidated financial reporting

The SEC charged the executives of International Capital Group ("ICG") with selling penny stocks through purported stock-based loans, block trades and other transactions, without registering with the SEC as a broker-dealer. The SEC alleged that ICG made nonrecourse loans to an owner of the stock, who was an affiliate of the issuer, then foreclosed on the loan and distributed the stock at a sale price greater than the loan amount. Se e: SEC Order.

The SEC announced that Robert E. Rice, Chief Counsel to Chair Mary Jo White, will leave the agency at the end of February. Se e: Press Release.