CFTC Chair Timothy G. Massad named Eileen T. Flaherty as the agency's Director of the Division of Swap Dealer and Intermediary Oversight. Chair Massad stated that he is "very pleased Eileen will be joining the CFTC and will be leading this important division as we fully implement the new regulatory framework for swaps." Pantano Comment: Ms. Flaherty has extensive and broad experience in the derivatives industry and is well-respected by her peers in the legal and compliance profession. See: CFTC Press Release.

Comptroller of the Office of the Currency ("OCC") Thomas J. Curry discussed the importance of the New England Council, remarking that it provides a place for businesses of different sizes and types to work together in the interests of a prosperous regional and national economy. His speech highlighted challenges businesses face, including: (i) the "near certainty" of rising interest rates and how they could imperil loan quality; (ii) the impact of new and tougher regulatory compliance, such as Dodd-Frank; (iii) resulting growing costs of regulation, and (iv) constant cyber threats. Lofchie

The Financial Crimes Enforcement Network of the U.S. Department of Treasury ("FinCen") issued a final rule pursuant to Section 311 of the USA Patriot Act, which imposes "special measure five" against FBME Bank Ltd. ("FBME"), formerly known as the Federal Bank of the Middle East. Special measure five prohibits U.S. financial institutions from opening or maintaining correspondent accounts payable through accounts for or on behalf of the FBME. "The finalization of this rule is significant," stated FinCEN Director Jennifer Shasky Calvery, "because it demonstrates that the United States will not

SIFMA and other associations requested a sixty-day extension of the comment period on a rule proposal concerning exemptions for executive, administrative, professional, outside sales and computer employees. The extension would allow commenters to provide the DOL with details about the consequences of imposing a nationwide uniform salary level on different regions of the country with different compensation levels. S ee: SIFMA Proposes Extended Comment Deadline for Overtime Pay Rulemaking.

The Senate Banking Committee held a hearing entitled "Measuring the Systemic Importance of U.S. Bank Holding Companies." The discussion centered on the regulatory framework and $50 billion threshold for the designation of a bank holding company as a systemically important financial institution ("SIFI"). The majority of witnesses advocated an increase in the $50 billion threshold, since they agreed that regulatory relief is warranted for smaller banks that do not pose a systemic risk. C lick here to view a summary by the Delta Strategy Group.