The House Financial Services Committee reelected Jeb Hensarling (R-TX) as its Chair for the 114th Congress. This will be Representative Hensarling's second term heading the Financial Services Committee. Additionally, Chair Hensarling selected the subcommittee chairs for the Financial Services Committee in the 114th Congress. The subcommittee chairs include: Rep. Scott Garrett (R-NJ), Chair of the Capital Markets and Government-Sponsored Enterprises Subcommittee; Rep. Randy Neugebauer (R-TX), Chair of the Financial Institutions and Consumer Credit Subcommittee; Rep. Blaine Luetkemeyer (R-MO)

GAO issued a report that examines (i) FSOC's process for designating systemically important non-bank financial companies ("non-bank SIFIs") for enhanced supervision by the Board of Governors of the Federal Reserve System, and (ii) the extent to which this process has been transparent and systematic. GAO stated that its reason for compiling the report was because these designations could have "significant implications for the companies as well as the stability of the financial system." In the report, GAO recommended that FSOC (i) track key evaluation information, including additional details in

The North American Securities Administrators Association ("NASAA") issued an advisory warning investors to approach high-yield investment programs ("HYIPs") with caution. The advisory notes that the most conspicuous characteristics of HYIPs are the promise of very high returns with little or no risk to the investor, and the payment of referral fees to current investors for bringing in new investors. NASAA President and Washington Securities Director William Beatty remarked that, in this way, HYIPs "blend elements of both Ponzi and traditional pyramid schemes into one scheme that can spread

Speaking at the Clearing House 2014 Annual Conference in New York, Board of Governors of the Federal Reserve System ("FRB") member Daniel Tarullo discussed the evolving role and impact of post-crisis bank liquidity regulation and supervision in the United States. Governor Tarullo stressed that liquidity regulation complements and is dependent on other regulatory initiations, namely capital buffers, resolution procedures and lender-of-last-resort ("LOLR") practice. While LOLR is needed to prevent firms from hoarding liquidity in times of stress, and "underhoarding" liquidity under normal market

The Federal Deposit Insurance Corporation ("FDIC") issued guidance in the form of a Q&A to aid applicants in developing proposals for deposit insurance and to provide transparency in the application process. The FDIC Statement of Policy on Applications for Deposit Insurance ("SOP"), which became effective on October 1, 1998 , provides guidance regarding the application process for deposit insurance. The Q&A covers topics such as pre-filing meetings, processing timelines, initial capitalization and the initial business plans of de novo institutions. The FDIC stated that it could post additional