The U.S. Court of Appeals for the D.C. Circuit ruled that a Texas bank (the "Bank") and other plaintiffs have the legal standing to proceed with a lawsuit challenging the constitutionality of the Consumer Financial Protection Bureau ("CFPB"), as well as the recess appointment of Director Richard Cordray. However, the Court also ruled that the Bank lacked the standing to challenge the constitutionality of the Financial Stability Oversight Council ("FSOC") and Dodd-Frank's grant of authority to the federal government to liquidate failing financial companies that are said to pose risks to U.S

The Office of the Comptroller of the Currency ("OCC"), the Board of Governors of the Federal Reserve System ("FRB") and the FDIC (collectively, the "Agencies") announced finalization of revisions intended to clarify, correct and update certain provisions of the regulatory capital rule adopted by the Agencies in 2013. The revisions apply only to banking organizations that are subject to the Agencies' "advanced approaches" risk-based capital framework. "Advanced approaches banking organizations generally include those with $250 billion or more in total consolidated assets or $10 billion or more

In an effort to help managers combat fraud, the United States Government Accountability Office ("GAO") identified leading practices for managing fraud risks and put forth the Fraud Risk Management Framework (the "Framework"). The Framework encompasses control activities to prevent, detect and respond to fraud. GAO believes that the Framework will facilitate proactive fraud risk management. S ee: GAO Fraud Framework Report.

FINRA fined a firm for systemic Order Audit Trail System ("OATS") reporting violations that spanned a period of several years. In addition, the firm was fined for failure to submit accurate trade reports to the appropriate FINRA Trade Reporting Facility and related supervisory failures. Although the firm's trading systems captured order event times in milliseconds, FINRA stated, the firm still failed to report order event timestamps in milliseconds for a 10-month period. FINRA reported that the firm submitted a large number of inaccurate, incomplete or improperly formatted trade reports that

U.S. Senator Richard Shelby (R-AL), questioned the rationale for deeming a bank to be systemically important if it has $50 billion or more in total assets. He stated that "under this automatic framework where there is no clear exit from designation, a bank has little incentive to reduce its level of systemic risk." In opening remarks before the Banking, Housing, and Urban Affairs Committee hearing on "Measuring the Systemic Importance of U.S. Bank Holding Companies," Senator Shelby stated that Dodd-Frank set up a process governed by a council of federal regulators to determine if non-bank