The President signed the "Consolidated and Further Continuing Appropriations Act, 2015." The $1.1 trillion omnibus act will, among other things, fund government operations through September 2015 (and make certain changes to Dodd-Frank). See: " Consolidated and Further Continuing Appropriations Act, 2015." See also: Secretary Lew's Statement; The Press Secretary's Statement ; Briefing by Press Secretary Josh Earnest and Chair of the Council of Economic Advisers Jason Furman; OMB Director Shaun Donovan on the Passage of H.R. 83, "Consolidated and Further Continuing Appropriations Act, 2015."

The Office of the Comptroller of the Currency ("OCC") issued an updated booklet, titled "Truth in Lending Act," which is part of the Comptroller's Handbook. The booklet, which replaces a similarly titled booklet issued in December 2010, provides updated guidance and procedures to examiners in connection with recent changes made to Regulation Z, primarily with regard to mortgage lending. See: Truth and Lending Act Booklet.

The Conference of State Bank Supervisors ("CSBS") issued a Draft Model Regulatory Framework ("Framework") for virtual currency activities. The Framework includes licensing, consumer protection, market stability, anti-money laundering and cybersecurity requirements for state licensed virtual currency firms. The CSBS is soliciting public comment on the Framework together with a list of questions. All comments are due by February 16, 2015. See: Draft Model Regulatory Framework.

The SEC imposed sanctions against the audit firm Baker Tilly Hong Kong Limited ("Baker Tilly") and two accountants for failing to properly audit the year-end financial statements of a company charged with fraud by the SEC. According to the SEC, Baker Tilly and two of its accountants ignored numerous red flags in 176 related-party transactions, which totaled over $59 million, that were reflected in the internal accounting records of China North East Petroleum Holdings Limited, but not adequately disclosed in its year-end 2009 financial statements. Additionally, the SEC found that Baker Tilly

The Group of Thirty published the latest installment in its Occasional Paper series. Titled "The Digital Revolution in Banking," the new paper reviews the developing relationship between financial services and technology. Lofchie Comment: This is a well-written paper in plain English. It makes good reading for anyone who is interested in either finance or technology (assuming there's still a distinction between the two).