Michael S. Gibson, Director of the Division of Banking Supervision and Regulation of the Board of Governors of the Federal Reserve System, testified before the Senate Committee on Banking, Housing and Urban Affairs regarding the cross-border resolution of large financial firms. Gibson began by reviewing existing regulatory efforts to limit the cost to the broader financial system of a firm's systemic financial failure, noting in particular the progress made by the FDIC in implementing the Ordinary Liquidation Authority ("OLA"). Gibson went on to specify four remaining obstacles to making an

The SEC announced that Lona Nallengara has been named the agency's chief of staff. Mr. Nallengara came to the SEC in March 2011 and served as deputy director for legal and regulatory policy in the Division of Corporation Finance. In December 2012, Nallengara was named the Divisions's acting director. Mr. Nallengara has led a series of complex rulemakings by the Division of Corporation Finance stemming from the Dodd-Frank Act and the JOBS Act. See: SEC Press Release.

The SEC named Keith F. Higgins as the new director of the agency's Division of Corporation Finance. Mr. Higgins comes to the SEC from the law firm of Ropes Gray LLP, where he is a partner in its Boston office with 30 years of experience advising public companies about securities offerings, mergers and acquisitions, compliance, and corporate governance. Mr. Higgins also has regularly advised underwriters in IPOs and other public equity offerings. See: SEC Press Release.

CFTC Commissioner Scott D. O'Malia delivered a keynote address at Energy Risk USA 2013, in which he (i) criticized the Dodd-Frank rulemaking process, (ii) asserted that a significant number of unknowns had been created by Dodd-Frank and the implementing rules, (iii) wondered whether Dodd-Frank had not made the markets worse for end users and (iv) questioned whether Dodd-Frank had not made the markets even riskier by centralizing risk in a very limited number of clearing corporations. As to the rulemaking process, Commissioner O'Malia said that, in its "rush to implement all the rules," the

The Federal Trade Commission ("FTC") has issued its annual letter to the Consumer Financial Protection Bureau ("CFPB") on FTC enforcement and related activities regarding the Truth in Lending Act ("TILA"), Consumer Leasing Act ("CLA"), Electronic Fund Transfer Act ("EFTA"), and Equal Credit Opportunity Act ("ECOA"). This year's letter also discusses the Dodd-Frank Act, as well as the FTC's and CFPB's memorandum of understanding which set forth a framework for coordinating certain law enforcement, rulemaking, and other activities. The letter also addresses certain FTC initiatives regarding