The SEC announced accounting and disclosure fraud charges against a bank holding company for failing to report the true volume of loans that were at least 90 days past due, which increased substantially in number during the financial crisis. An SEC investigation found that, as the real estate market declined in 2009 and 2010 and its construction loans began to mature without repayment or completion of the underlying project, the bank did not renew, extend or take other appropriate action for 90 days or more on a material amount of its matured loans. According to the SEC Order, instead of fully

The Office of the Comptroller of the Currency issued a notice soliciting comments on a revision to its information collection process. The request for comment involves a regulatory reporting requirement for national banks and Federal savings associations titled "Company-Run Annual Stress Test Reporting Template and Documentation for Covered Institutions with Total Consolidated Assets of $50 Billion or More under the Dodd-Frank Wall Street Reform and Consumer Protection Act." Comments must be submitted by November 10, 2014. S ee: 79 FR 53835.

University of Houston finance professor Craig Pirrong discussed the "CFTC's frustration at the failure of SEFs to get traction" in his blog post titled "SEFs: The Damn Dogs Won't Eat It!" According to Professor Pirrong, Swap Execution Facilities (SEFs) are the "solution in search of a non-existent problem."Professor Pirrong explained that, in crafting SEFs, regulators took a narrow, one-size-fits-all approach by assuming that centralized order-driven markets were the best way to execute all transactions. In doing so, Professor Pirrong stated, regulators focused on pre-trade and post-trade

The SEC announced the creation of a new office within the Division of Economic and Risk Analysis ("DERA") that will coordinate efforts to provide data-driven risk assessment tools and models to support a wide range of SEC activities. According to the SEC, the Office of Risk Assessment will continue to develop and use predictive analytics to support supervisory, surveillance and investigative programs involving corporate issuers, broker-dealers, investment advisers, exchanges and trading platforms. It will also support the SEC's ongoing work related to FSOC. The SEC stated that staffing for the

The IRS recently released an internal legal memorandum ( CCA 201436049), which concluded that partners in a limited liability company, taxed as a partnership that provides investment management services to a family of investment partnerships, are required to pay self-employment taxes on their distributive share of the partnership's income. The Management Company treated all of its partners as limited partners and only treated the guaranteed payments made to such partners as subject to self-employment tax. The Management Company succeeded an S corporation that provided similar services to the