House Financial Services Chairman, Jeb Hensarling, announced this week that the committee cannot legally accept testimony from Richard Cordray on the CFPB semi-annual report until he is legally installed as the CFPB Director. Chairman Hensarling explains in the webcast why the committee cannot receive the CFPB's semi-annual report from Cordray. Click here to view Chairman Hensarling's video. Related News : "House Financial Services Committee Refuses to Hear Testimony from Richard Cordray" (April 24, 2013).

CFTC Commissioner Scott D. O'Malia delivered a speech highlighting what he viewed as some of the principal failures of the CFTC's rulemaking. The problems he claimed in the speech were: (i) the recordkeeping rules do not work and the CFTC is not able to use the information it receives; (ii) there is not even draft guidance on how substituted compliance should be implemented and the expiration date of the CFTC's guidance is nearing; (iii) the CFTC's rules on business conduct fail to take into account how market participants actually trade; and (iv) the CFTC does not perform any meaningful cost

The SEC published the attached annual report on the Office of Minority and Women Inclusion ("OMWI"), pursuant to Dodd-Frank Section 342. The OMWI is required to develop standards for the following: for the equal employment opportunity and the racial, ethnic, and gender diversity of the workforce and senior management of the SEC; for the increased participation of minority-owned and women-owned businesses in the SEC’s programs and contracts; and, to assess the diversity policies and practices of entities regulated by the SEC. The report highlights major OMWI's FY 2012 actions and successes, and

Senate Finance Committee Chairman Max Baucus announced his approval of the Senate's confirmation of Christopher Meade to be general counsel of the Department of the Treasury, stating: "Christopher Meade's impressive legal background will be a true asset to the Treasury Department and Secretary Lew." The Finance Committee approved the nomination in February. Click hereto learn more (links externally to Senate Finance Committee website).

SIFMA released the following statement after Senators Sherrod Brown (D-OH) and David Vitter (R-LA) introduced "too-big-to-fail" legislation. "We continue to believe that no institution should be too-big-to-fail and that taxpayers should never again be put at risk in a future financial crisis. Since 2008, Tier 1 capital has more than doubled - increasing about $400 billion, or from 5.6 percent to 11.3 percent at the end of 2012 - reaching a historic high according to the FDIC. This legislation would force financial institutions to raise capital excessively higher than current levels, which