The House Financial Services Committee held a hearing titled "An Overview of the Credit Reporting System." The hearing discussed the roles and responsibilities of the consumer reporting agencies, as well as the users and furnishers of consumer credit data. The following witnesses testified: Mr. Stuart Pratt, President and Chief Executive Officer, Consumer Data Industry Association; Mr. J. Howard Beales, Professor of Strategic Management and Public Policy, George Washington University; Mr. John A. Ikard, President and Chief Executive Officer, FirstBank Holding Company, on behalf of the American

The North American Securities Administrators Association ("NASAA") announced that it convened a working group consisting of state securities regulators and representatives of FINRA, SIFMA and the Financial Services Institute to develop improved broker-dealer fee disclosure. According to NASAA President Andrea Seidt, the working group will consider different types of firms, including wirehouse firms, independent broker-dealers, clearing firms and introducing firms. It will also consider a variety of options, including a model fee disclosure form, accessibility and transparency guidelines

FINRA issued an investor alert titled "Frontier Funds - Travel with Care." The alert cautions investors who are interested in frontier markets to consider carefully the heightened risks in these markets. The notice explains that, while there is no precise definition of a frontier market, frontier funds invest generally in companies located in countries with developing securities markets, such as Argentina, Lebanon, Nigeria, Slovenia and Vietnam. Additionally, the alert provided tips for investors to consider before investing, which included the following: know which frontier markets the fund

At the Hedge Fund Management Seminar, SEC Division of Investment Management Director Norm Champ delivered remarks regarding the current state of the hedge fund industry, compliance issues for hedge fund advisers, and alternative mutual funds. According to Mr. Champ, the regulatory landscape for hedge fund managers has changed greatly over the past few years, and the number of SEC-registered private fund advisers has increased by more than 50 percent. Mr. Champ stated that the SEC has improved its information on private funds as a result of improvements to Form ADV and Form PF, and that it is

The Consumer Financial Protection Bureau ("CFPB") and the Board of Governors of the Federal Reserve System ("FRB") published final rules amending the official interpretation of and commentary on the agencies' regulations that implement the Consumer Leasing Act ("Regulation M") and the Truth in Lending Act ("Regulation Z"). Dodd-Frank amended both acts by requiring that the dollar threshold for exempt consumer leases and consumer credit transactions be adjusted annually by a percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers ("CPI-W"). Based on the