FINRA has filed with the SEC a proposed rule change to delay the implementation date of FINRA Rule 5350 ("Stop Orders"), as approved in SR-FINRA-2012-026, until March 4, 2013. New FINRA Rule 5350, which replaces old FINRA Rule 6140(h), permits firms to offer order types that are similar to “stop orders” but have different triggers. The delay was requested to provide members additional time to finalize standard order nomenclature and order messaging standards. See: Text of Proposed Rule Change (links externally to FINRA website).

The Consumer Financial Protection Bureau ("CFPB") has adopted an #8220;Ability-to-Repay#8221; rule requiring mortgage lenders to make #8220;reasonable, good faith determinations#8221; that customers are able to repay loans, and establishing minimum requirements for making such determinations. These requirements include: Examining and documenting certain financial information; Evaluating and concluding, based on factors such as the consumer’s debt-to-income ratio, that the customer will be able to repay the loan; and Evaluating the consumer’s ability to repay based on the principal and interest

Secretary of Labor Hilda L. Solis announced in a letter to employees at the U.S. Department of Labor that she has submitted a letter of resignation to President Obama. View letter in full (DOL website).

SIFMA has submitted comments to the SEC requesting an extension of the comment period for the SEC’s proposal on the capital, margin, and segregation requirements for security-based swap dealers and major security-based swap participants. The letter presents several bases for an extension, including the complexity of the rules and providing market participants an opportunity to comment in light of Basel and IOSCO recommendations on margin that are expected to be published soon. Click here to view request in full (links externally to SIFMA website).

The SEC has announced that Enforcement Director Robert Khuzami will leave the agency. The press release highlights accomplishments during Mr. Khuzami’s four-year tenure as Director, including scores of significant actions connected to the financial crisis and record numbers of cases involving insider trading and misconduct by investment advisers and investment companies. Click here to view press release in full (links externally to SEC website).