Goldman Sachs and Morgan Stanley have reached agreements in principle with the Federal Reserve Board to provide cash payments and other assistance, such as loan modifications and forgiveness of deficiency judgments, to help mortgage borrowers. View Press Release in full here (links externally to Federal Reserve website).

The Financial Services Authority has confirmed that it has launched a formal investigation into multi-billion pound trading losses accrued by J.P. Morgan traders in London, including losses caused by a trader widely known as the "London Whale." See also: OCC and FRB Issue Cease and Desist Order against JPMorgan Chase, N.A.

The FDIC has announced that Sandra L. Thompson, Director of the Division of Risk Management Supervision ("RMS"), will be leaving the FDIC for a position as the Deputy Director of Housing Mission and Goals at the Federal Housing Finance Agency. Click here to view press release (links externally to FDIC website).

SIFMA has submitted comments to the Financial Stability Oversight Council ("FSOC") concerning its proposed recommendations regarding money market mutual fund reform. The comments focus on seven points that fall within the following four categories: FSOC's Process; Guiding Principles; Floating Net Asset Value (NAV); and Other Possible Reforms - Redemption Gate accompanied by Liquidity Fee. Click hereto view letter in full (links externally to SIFMA website). Related News Story: FSOC Recommendations on Money Market Funds (with Lofchie Comment) (November 19, 2012).

SIFMA has submitted comments to the Financial Stability Board ("FSB") on FSB's Consultative Document, An Integrated Overview of Policy Recommendations, relating to policy recommendations for money market funds of the International Organization of Securities Commissions ("IOSCO"). In the letter, SIFMA suggests that the following guiding principles should inform any money market fund reform: Tailor reforms as narrowly as possible given the possibility of dislocations that could result from reform; Only pursue reforms that bear on the stated goal of reducing the perceived susceptibility of money