FDIC Vice President Thomas Hoenig cautioned lawmakers about the risks involved in not requiring firms to post collateral in trades with their own affiliates. In a letter to the Chair and Ranking Committee Member of the House Appropriations Committee, the FDIC Vice President stressed that requiring the inter-affiliate margin (i) minimizes the amount of risk that can be brought into the taxpayer-funded safety net, (ii) reduces excess leverage at the largest banks, (iii) ensures that liquidity will continue to be available to farmers and ranchers in periods of economic stress and (iv) makes the

The FDIC announced a civil money penalty of $140 million against two U.S. banks for violations of the Bank Secrecy Act ("BSA") and anti-money laundering laws and regulations. The institutions' violations included failures to retain a qualified BSA officer and staff, provide sufficient BSA training, and conduct effective independent testing. See: FDIC Press Release.

SIFMA President and CEO Kenneth E. Bentsen criticized the Federal Reserve "capital surcharge rule" for systematically important banks. He stated that the final rule constricts "the ability of financial institutions to lend, facilitate capital formation and drive economic growth." Mr. Bentsen also noted that although SIFMA appreciates the Federal Reserve's changes to the rule, which are intended to improve its calculation methodology, "questions remain regarding the fundamental analysis that underpins the rule." Mr. Bentsen argued that "the final rule does not appropriately recognize the

House Representatives K. Michael Conaway (R-TX) and Collin C. Peterson (D-MN) (the "Representatives") sent a letter to CFTC Chair Timothy G. Massad expressing concern about the CFTC's proposed rules on margin and capital requirements for uncleared swaps between affiliated entities that are part of "global financial institutions." In the letter, the Representatives focused on the proposed requirement that affiliated counterparties post initial margin with respect to transactions between affiliates that are used to transfer risk within a consolidated business group. The concern is that the

The CFTC announced that four new associate members joined its Energy and Environmental Markets Advisory Committee ("EEMAC"). Commissioner Giancarlo stated that he is "pleased to welcome the four new members who bring a diverse set of viewpoints to the only CFTC advisory committee mandated by the Dodd-Frank Act," and that "their input will be critical to the EEMAC in the months ahead as the committee considers rules and issues confronting America's energy producers, utilities, consumers and hedgers." See: CFTC Press Release ; EEMAC Associate Members as of July 20, 2015.