SIFMA submitted comments to the SEC on the MSRB's filing of proposed amendments to Rule G-3(a) ("Classification of Principals and Representatives; Numerical Requirements; Testing; Continuing Education Requirements"), Rule G-7 ("Information Concerning Associated Persons") and Rule G-27 ("Supervision"). SIFMA stated that it supports the MSRB's modification of the scope of permissible activities for a limited representative – investment company and variable contracts products, as well as its elimination of the requirement in Rule G-3(d) for certain firms to appoint at least one Financial and

SIFMA, the American Bankers Association, the Consumer Bankers Association, the Financial Services Roundtable and the Independent Community Bankers of America (the "Associations") submitted a joint comment letter to the CFPB regarding its proposal to amend Regulation P. Regulation P implements the consumer privacy provisions of the Gramm-Leach-Bliley Act ("GLBA"), which requires financial institutions to provide an annual disclosure of their privacy policies to their customers. In the letter, the Associations stated that the changes proposed by the CFPB are in the right direction but are also

At the AEI Conference on Financial Stability, SEC Commissioner Michael S. Piwowar gave a speech in which he spoke very critically about the accountability and transparency of the Financial Stability Oversight Council ("FSOC," or the "Council"). Commissioner Piwowar stated that he is fully supportive of Congressman Garret's bill, the FSOC Transparency and Accountability Act ( H.R. 4387), which Commissioner Piwowar noted has already forced FSOC to begin to clarify its transparency policy. However, Commissioner Piwowar said, he still has many issues with FSOC's lack of clarity. Referring to FSOC

The House Financial Services Subcommittee on Oversight and Investigations held a hearing in which panelists discussed "Operation Choke Point," a 2013 initiative by the Department of Justice to discourage banks and payment processors from providing financial services to merchants suspected of consumer fraud. The hearing addressed the concern that Operation Choke Point has led to banks terminating their relationships with legitimate businesses. Witnesses at the hearing included: Stuart F. Delery, Assistant Attorney General, DOJ; Scott G. Alvarez, General Counsel, Board of Governors of the

The House Financial Services Committee held a hearing, titled "Legislation to Reform the Federal Reserve on Its 100-year Anniversary," to discuss, among other things, the Federal Reserve Accountability and Transparency Act (H.R. 5018). The following witnesses testified: Dr. John Taylor, Professor of Economics, Stanford University; Dr. Mark Calabria, Director of Financial Regulation Studies, Cato Institute; Hester Peirce, Senior Fellow, Mercatus Center at George Mason University; and Dr. Simon Johnson, Professor of Entrepreneurship, Massachusetts Institute of Technology. See: Committee