The IRS issued Notice 2015-10, in which it announced its intention to amend Treasury regulations to limit refunds and credits of amounts withheld pursuant to chapter 3, chapter 4 and related provisions. Under current law, withholding agents that collect the substantive tax liability of foreign persons (chapter 3 withholding), withhold payments to certain FATCA non-compliant entities (chapter 4 withholding), or withhold amounts that are reported on IRS Form 1042-S are required to deposit the amounts withheld with the U.S. Treasury Department ("Treasury") for specified periods of time. A

In an article titled "Flawed Math on Student Loans," Center for Financial Stability ("CFS") guest contributor Kate Flanagan discusses the available data on student loans issued by the federal government. She suggests that significant losses could result from the "coming wave of defaults." According to Ms. Flanagan, student loans comprise the second largest category of U.S. consumer debt. She states that the U.S. government "chose to largely remove banks" from the student lending process while also increasing the number of federally backed loans made without screening criteria. Ms. Flanagan

The CFTC announced that the Market Risk Advisory Committee ("MRAC") will hold a public meeting on June 2, 2015. The MRAC, which is sponsored by CFTC Commissioner Sharon Bowen, will discuss issues related to (i) the appropriate industry response to current and potential cybersecurity threats, and (ii) the concentration of futures commission merchants and its effect on, and other factors currently affecting, market liquidity. Members of the public who wish to submit written statements regarding the meeting should do so by June 9, 2015. See: CFTC Press Release; 80 FR 25674.

The SEC announced that it opened registration for outreach programs. The programs are intended to help firms comply with the SEC's rules on Regulation Systems Compliance and Integrity ("SCI"). The programs are tailored to chief information officers, chief information security officers and other senior personnel who are responsible for enhancing their firms' systems compliance and integrity programs. The programs will be held on July 16, 2015 at the SEC's New York Regional Office, and on July 29, 2015 at the SEC's Chicago Regional Office. Events will include panel discussions on the regulatory

CFTC Commissioner Sharon Y. Bowen spoke at the Managed Funds Association's 2015 Compliance Conference. She focused her remarks on governance. Commissioner Bowen explained that Dodd-Frank Section 726 required the CFTC to issue rules that potentially impose "numerical limits on the control of, or the voting rights with respect to, any derivatives clearing organization that clears swaps, or any swap execution facility or board of trade that is sufficiently involved in the swaps market." Commissioner Stein explained that the CFTC has not passed a governance rule proposal in the five years since it