Credit card "add-ons "are services provided by a credit card issuer in addition to credit. Examples of these services are ID protection services, credit score tracking and other supplemental services. This release outlines the history of credit card add-ons, how they affect credit card customers, what laws are in place for the protection of consumers, and the CFPB's most recent activities in this area. View memo in full here (links externally to CFPB website).

SEC Trading Division Director, Robert Cook testified before the Senate Committee on Agriculture, Nutrition and Forestry, regarding the impact of Dodd-Frank. Director Cook stated that the SEC was now at work on the "last of the core elements" of its planned regulation of swap dealers: the rules related to financial responsibility. He also noted that the SEC was taking a very careful approach to the cross-border application of Title VII and, in this regard, the SEC was "continuing to consider" the approach taken by the CFTC, but had not made a definitive decision as to its own alternatives. View

The CFTC announced that the U.S. District Court for the Central District of California entered a final judgment and permanent injunction against Gordon A. Driver, and his Nevada companies Axcess Automation LLC and Axcess Fund Management LLC. Driver fraudulently solicited over 100 participants in the US and Canada for over $14 million by telling pool participants that he had a successful software program for trading E-mini S&P futures, and that he had profitable returns averaging roughly 20% per month. However, the order finds that Driver traded only $3.7 million of the $14.3 million in pool

In a report, the EU-US Coalition of Financial Regulation (which is largely a coalition of financial industry trade associations) reaffirmed the need for regulators on both sides of the Atlantic to not engage in regulatory protectionism. The report states both sides must come together with real intent to establish a framework of inter-jurisdictional regulatory recognition and accreditation. The need to resume the pre-crisis dialogue for establishing a this framework was the motivation for the Coalition commissioning this report. It explains how even though overarching legal systems, market

CFTC Chairman Gary Gensler testified before the US Senate committee on Agriculture concerning swaps, LIBOR and the Peregrine Financial Group affair. Chairman Gensler repeated his standard message concerning the regulation of swaps under Dodd-Frank, transparency reforms, progress on central clearing for the swaps market, regulating swaps dealers, market integrity and implementing reforms on the cross-border swaps market. Chairman Gensler also reviewed the CFTC's settlement with Barclays on LIBOR. On the topic of the failure of Peregrine Financial Group, Chairman Gensler made clear that any