Governor Jerome H. Powell of the Board of Governors of the Federal Reserve System ("FRB") talked about reforming LIBOR. In remarks before the Money Marketeers of New York University, Powell focused on U.S. Dollar LIBOR. According to Governor Powell, U.S. dollar LIBOR is currently produced by a panel of 18 banks that estimate daily the rate at which they could borrow at several different maturities, ranging from overnight to a year. These banks send the estimates to the ICE Benchmark Administration ("IBA"), which discards the highest and lowest quartiles at each maturity and publishes an

The Senate Banking, Housing and Urban Affairs Committee announced a hearing titled "Wall Street Reform: Assessing and Enhancing the Financial Regulatory System." The hearing will examine the financial regulatory system and assess the implementation of the Dodd-Frank Act. The following witnesses are scheduled to testify: the Honorable Daniel K. Tarullo, Governor, Board of Governors of the Federal Reserve System; the Honorable Martin J. Gruenberg, Chairman, Federal Deposit Insurance Corporation; the Honorable Thomas J. Curry, Comptroller of the Currency, Office of the Comptroller of the Currency

In a closed meeting, the Financial Stability Oversight Council ("FSOC") voted to propose a preliminary determination of MetLife as a non-bank Systemically Important Financial Institution ("SIFI"). According to the FSOC press release, the Council's vote was unanimous with one member voting present. FSOC did not specifically name MetLife as the company it designated, explaining that it will not publicly announce the name of any non-bank financial company until the final determination is made. FSOC stated that it provided the company with a written explanation of the proposed determination, and

The Joint Forum of the Basel Committee on Banking Supervision, IOSCO and the International Association of Insurance Supervisors issued a publication titled: Report on Supervisory Colleges for Financial Conglomerates. The Report presents findings from a self-assessment survey (answered by regulators in 14 jurisdictions, including the United States) on how cross-sectoral issues related to financial conglomerates are addressed within supervisory colleges. The Joint Forum found that most jurisdictions have a set of principles in place for financial conglomerate supervision which includes

The CFTC Division of Swap Dealer and Intermediary Oversight issued a no-action letter providing relief to Fannie Mae and Freddie Mac from registration and regulation as commodity pool operators ("CPOs") pursuant to CFTC Rule 4.13(a)(3). According to the letter, the CFTC granted Fannie Mae and Freddie Mac no-action relief with respect to CPO activities in connection with its operation of a mortgage credit risk sharing initiative. The letter outlines four "prongs" an entity must meet in order to rely on the exemption, which include: interests in the pool are exempt from registration under the