The House of Representatives' Oversight and Investigations Subcommittee highlighted the CFPB's "radical" structure at a hearing where members expressed concern that the agency operates without basic oversight and accountability. Subcommittee Chairman Patrick McHenry suggested that the CFPB director has little accountability to the Obama Administration and even less to Congress. Areas of concern are: Money set aside for renovating CFPB headquarters; CFPB money spent on travel by its employees; CFPB exemption from OMB guidelines, rules, and regulations; CFPB's refusal to participate in the OPM

The OCC released a report which details important risks facing the banking industry. Notably, BSA and AML violations are cited as risks that "are on the rise as money laundering methods evolve, electronic bank fraud increases in volume and sophistication, and banks fail to evolve or incorporate appropriate controls into new products and services." The report reflects data, as of December 31, 2012, presented in four main areas: the operating environment; condition and performance of the banking system; funding, liquidity, and interest rate risk; and regulatory actions. See: OCC Semiannual Risk

In its investor advisory, NASAA explains the most common ways in which energy investment products may be offered, why investors need to be cautious, and how investors can protect themselves when considering investments in traditional or alternative energy offerings. Specifically, NASAA President and Arkansas Securities Commissioner, Heath Abshure, explained that promoters will often use the lure of current events and innovative technologies, and even falsely label an investment opportunity "green" to take advantage of investors. The press release pointed out that traditional energy investments

CFTC Commissioner Bart Chilton delivered a speech in Chicago using the board game Trouble to illustrate some points that he indicated he intended to make as to "key policy issues addressing hedge funds and the broader financial sector." Lofchie Comment: Here is a link to Wikipedia's description of the game Trouble. On the right-hand side of the Wikipedia article, there is an illustration of the Pop-O-Matic that made the clicking sound remembered by Commissioner Chilton. Click here to view speech in full (links externally to CFTC website).

The FDIC has announced that James Wigand, Director of the Office of Complex Financial Institutions ("OCFI"), plans to retire. The FDIC Board of Directors has approved the appointments of Arthur J. Murton as the new Director of OCFI and Diane Ellis as the new Director of the Division of Insurance and Research ("DIR"). The appointments of Mr. Murton and Ms. Ellis will be effective July 28, 2013. Mr. Wigand will serve in the Office of the Chairman as a Senior Advisor until September 30, 2013. Click here to learn more (links externally to FDIC website).