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The Senate Committee on Banking, Housing and Urban Affairs held a hearing to discuss Basel III and the impact which the federal banking agencies' proposed regulatory capital rules will have on the U.S. financial system. The Committee heard testimony from Michael Gibson, a Director of the Division of Banking Supervision and Regulation at the Federal Reserve; John Lyons, Chief National Bank Examiner at the OCC; and George French, Deputy Director of Policy of the Division of Risk Management Supervision at the FDIC. Gibson's testimony reviewed the proposed capital changes, the Fed's analysis of

The House Subcommittee on Financial Institutions and Consumer Credit and Subcommittee on Insurance, Housing, and Community Opportunity held a joint hearing entitled "Examining the Impact of the Proposed Rules to Implement Basel III Capital Standards". The Committee heard testimony from witnesses that included Michael Gibson, a Director of the Division of Banking Supervision and Regulation at the Federal Reserve; John Lyons, Chief National Bank Examiner at the OCC; and George French, Deputy Director of Policy of the Division of Risk Management Supervision at the FDIC. The written testimony

The Senate Committee on Banking, Housing, and Urban Affairs held a hearing to evaluate the progress that U.S. regulators have made toward implementing various provisions of the Dodd-Frank Act. The Committee heard testimony from, among others, FDIC Chairman Martin J. Gruenberg; Federal Reserve Governor Daniel K. Tarullo; Comptroller of the Currency Thomas Curry; CFPB Director Richard Cordray; and Mary Miller, Under Secretary for Domestic Finance at the Treasury. Governor Tarullo's testimony discussed both the Federal Reserve's recent regulatory activity and the agency's priorities for 2013. On

The Senate Committee on Banking, Housing and Urban Affairs held a hearing titled "The State of the Insurance Industry and Insurance Regulation." Witnesses testified on multiple issues regarding insurance regulation. One of them, Board of Governors of the Federal Reserve System ("FRB") Deputy Director of the Division of Banking Supervision and Regulation Mark Van Der Weide (view testimony), explained that the FRB has been "investing significant time" in enhancing its understanding of the insurance industry and the firms it supervises. He also said that the FRB is committed to tailoring its

Commentary by Steven Lofchie

Representative Elijah E. Cummings (D-MD) expressed concerns about the SEC's proposed rule regarding waiver requests and security-based swaps ("SBS"), titled: "Applications by Security-Based Swap Dealers or Major Security-Based Swap Participants for Statutorily Disqualified Associated Persons to Effect or Be Involved in Effecting SBS’s." In a letter addressed to SEC Chair Mary Jo White, Representative Cummings stated that the proposed rule would "allow entities other than the SEC - including private entities - to grant waiver requests" and "constitute[s] the first time the [SEC] has granted