On March 11, Senate Banking Committee Chairman Tim Johnson (D-S.D.) and Ranking Member Mike Crapo (R-Idaho) announced that they had reached an agreement on the principles to be included in a soon-to-be-introduced bill on reforming the current U.S. housing finance system. The legislation, which builds upon the Corker-Warner housing reform bill introduced in the Senate last June, would wind down Fannie Mae and Freddie Mac and replace them with a Federal Mortgage Insurance Corporation ("FMIC"), an FDIC-like entity that would be charged with facilitating the broad availability of credit for

U.S. Secretary of Labor Thomas E. Perez announced the appointments of five new members to the 2014 Advisory Council on Employee Welfare and Pension Benefit Plans, known as the ERISA Advisory Council. He also announced the 2014 chair and vice chair of the council, who are Neal S. Schelberg and Paul M. Secunda, respectively. The 15-member council provides advice on policies and regulations affecting employee benefit plans governed by ERISA.

FINRA announced that it sanctioned and fined two firms, Triad Advisors and Securities America, for failing to supervise the use of consolidated reporting systems, which resulted in statements containing inaccurate valuations being sent to customers, as well as for failing to retain the consolidated reports in accordance with securities laws. A consolidated report is a single document that combines information regarding most or all of a customer's financial holdings, regardless of where those assets are held. Both Triad Advisors and Securities America had a consolidated report system that

The Futures Industry Association ("FIA") announced the election of its board of directors at the FIA annual meeting. Fifteen directors were elected, including eight regular member directors for two-year terms, two regular member directors for one-year terms, four associate member directors for two-year terms, and one associate member director for a one-year term. Following the election, the new board elected the association's officers and public directors. See: FIA New Directors and Officers.

The U.S. District Court of the Southern District Court of New York ruled that ex-Goldman Sachs trader, Fabrice Tourre, must pay over $800,000 in civil penalties in order to settle the SEC's charges that Tourre misled investors in mortgage deals leading up to the financial crisis. Judge Katherine Forrest, who presided over the case, barred Goldman Sachs from reimbursing Tourre. However, the court did not bar any other third party from reimbursement. According to the August 2013 order, Tourre was found guilty in six of the seven fraud charges that the SEC brought against him for defrauding