The CFPB published a procedural final rule, which implements Dodd-Frank Section 1024(a)(1)(C) and authorizes the CFPB to supervise a nonbank covered person based on risk determination. Under the final rule, the CFPB must have reasonable cause to determine that such person is engaging, or has engaged, in conduct that poses risks to consumers with regard to the offering or provision of consumer financial products or services. Effective Date: 30 days after publication in the Federal Register. See: CFPB Final Rule Release.

Delta Strategy Group released a summary of the Senate Banking Committee Hearing Nominations which focuses on the nominations for SEC commissioners. Click here to see a summary of the nominations hearing from Delta Strategy Group.

The DSIO today issued an amended no-action letter providing relief from certain duties imposed on swap dealers ("SDs") and major swap participants ("MSPs") pursuant to the Commission's Business Conduct Standards with Counterparties, as well as certain documentation requirements imposed on SDs and MSPs pursuant to Commission regulation§ 23.504, when executing swaps with the intention to clear contemporaneously with execution. The letter has been corrected from the original version that was issued on June 26, 2013. The correction removes bracketed language inadvertently included in footnote 1 on

The CFTC filed an enforcement action against MF Global Inc., former Chief Executive Officer Jon S. Corzine, and former MF Global Assistant Treasurer Edith O'Brien. The charges originate from MF Global's alleged unlawful misuse of nearly one billion dollars of customer funds and related violations, that, according to the CFTC, "harmed thousands of customers and violated fundamental customer protection laws on an unprecedented scale." The complaint outlines the sequence of events prior to MF Global's demise, highlighting the claimed failures of each individual or entity. MF Global has already

FINRA announced that it sanctioned StateTrust Investments, as well as its head trader and chief compliance officer, for allegedly charging excessive markups and markdowns in fraudulent corporate bond transactions and for distributing a prospectus that deceived investors as to conflicts of interest involving an affiliated mutual fund. See: FINRA News Release. See also: StateTrust Investments, Inc. and Jose Luis Turnes Letter of Acceptance, Waiver, and Consent.