The MSRB announced the creation of a Market Structure Department and hired a new Chief Economist. The MSRB stated that the new department will consolidate its activities related to market structure and transparency, economic analysis, research, and industry operations. The MSRB also hired David H. Saltiel to serve as its new Chief Economist. Mr. Saltiel will oversee the economic analysis of MSRB's rulemaking and market transparency initiatives, as well as conduct related statistical, econometric and financial analysis. Se e: Press Release.

The FDIC issued proposed and final rules regarding regulations transferred from the former Office of Thrift Supervision ("OTS"). The FDIC finalized two rules rescinding and removing OTS Regulations involving the post-employment activities of senior examiners and the disclosure reporting of Community Reinvestment Act-related agreements that were transferred to the FDIC. The final rules will become effective on August 20, 2014. Additionally, the FDIC proposed to rescind certain regulations pertaining to the former OTS in order to eliminate duplicative or inconsistent rules and procedures

CFTC Commissioner Scott O'Malia sent a letter to President Obama announcing his resignation from the CFTC, effective August 8, 2014. In the letter, Commissioner O'Malia expressed gratitude for the opportunity to serve during "extensive deliberations" on the implementation of Dodd-Frank. He noted that, while he did not support all 63 rules, he is pleased with his contributions and glad that he was able to encourage the CFTC to be mindful of negative policy outcomes. He also stated that, while he found his time at the CFTC to be "professionally fulfilling," it was time for him to "pursue other

The Office of the Comptroller of the Currency ("OCC") issued a proposed regulation that would adjust the timing of the annual stress testing cycle and clarify the method used to calculate regulatory capital in the stress tests. The proposed regulation also provides that covered institutions will not have to calculate their regulatory capital requirements using the advanced approaches capital methodology in its stress testing projections until the stress testing cycle beginning on January 1, 2016. Comments are due by July 24, 2014. See: 79 FR 37231.

The New York Department of Financial Services ("DFS") released a draft proposal for licensing and regulating virtual currency businesses like Bitcoin. The proposed "BitLicense" regulatory framework contains consumer protection, anti-money laundering compliance, and cybersecurity rules tailored for virtual currency firms. The new DFS BitLicenses would be required for firms engaged in virtual currency businesses including: receiving or transmitting virtual currency on behalf of consumers; securing, storing, or maintaining custody or control of such virtual currency on the behalf of customers