U.S. Senator Elizabeth Warren (D-MA) and House Representative Elijah E. Cummings (D-MD) sent letters to multiple banks, requesting information about how the institutions will alter their swaps trading practices in response to the passage of Section 630 of the 2015 Consolidated and Further Continuing Appropriations Act ("Section 630") ( i.e., the amendments to the swaps "push-out" requirements of Section 716 of Dodd-Frank). In the letter, Senator Warren and Rep. Cummings requested information from the banks so as to "aid in our oversight of the impact of Section 630." Information requested

The Board of Governors of the Federal Reserve System, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Office of the Comptroller of the Currency, and the State Liaison Committee of the Federal Financial Institutions Examination Council (the "Regulators") issued joint guidance to provide financial institutions with principles applicable to private student loans that have graduated repayment terms. In addition to encouraging financial institutions to underwrite the loans in a manner consistent with sound lending

FSOC seeks comment as to whether asset management products and activities may pose potential risks to the U.S. financial system in the areas of liquidity and redemptions, leverage, operational functions, and resolution. The body of the release is divided into four parts: one dealing with redemption rights, one dealing with leverage, a third with operational risk, and a fourth and final part on insolvency risk. The last part concerns not only the insolvency of the underlying investment funds, but also of the investment manager, suggesting that FSOC may still be considering whether investment

The Board of Governors of the Federal Reserve System ("FRB") requested public comment on a proposed rule to expand the FRB's Small Bank Holding Company Policy Statement (the "Policy Statement") to apply to bank holding companies and savings and loan holding companies with total consolidated assets under $1 billion that satisfy the qualitative requirements specified in the Policy Statement. Institutions covered by the Policy Statement are exempt from the FRB's regulatory capital requirements. The proposed rule would also exempt such institutions from quarterly consolidated financial reporting

President and CEO of the Federal Reserve Bank of Boston, Eric S. Rosengren, delivered remarks at the Bank for International Settlements High-level Meeting for Africa, emphasizing that cybersecurity is an important regulatory priority and a "serious financial stability concern." Mr. Rosengren stated that an immediate cybersecurity threat could focus an attack on payment systems, aiming to disrupt transactions rather than to obtain financial gain. According to Mr. Rosengren, this sort of attack would reduce consumer confidence. Mr. Rosengren encouraged market participants, both private and