The Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation and the National Credit Union Administration issued guidance to financial institutions regarding home equity lines of credit ("HELOCs") nearing their "end-of-draw" periods, which occur when the principal amounts of the HELOCs must begin to be repaid. See: Interagency Guidance on Home Equity Lines of Credit Nearing Their End-of-Draw Periods. See also: FRB Press Release; OCC Press Release; FDIC Press Release.

The National Futures Association ("NFA") issued a notice to remind members of the obligations of swap dealers ("SDs") and major swap participants ("MSPs") following the departure of chief compliance officers ("CCOs"). According to the notice, CFTC Rule 3.3 requires each SD and MSP to designate an individual to serve as its CCO. Upon the departure of a CCO due to resignation or replacement, an SD or MSP is required to submit a Form 8-R identifying the new CCO as a principal of an SD or MSP. The SD or MSP should update the compliance contact in the NFA's Online Registration System. Additionally

The CFTC Division of Market Oversight issued a no-action letter to extend further its previous relief to swap dealers ("SDs") and major swap participants ("MSPs") from the obligation to report valuation data for cleared swaps. The no-action letter provides that the CFTC will not take action against an SD or MSP for failure to comply with the requirements of CFTC Rule 45.4(b)(2)(ii) to report valuation data. The relief applies to all SDs and MSPs that are reporting counterparties under Rule 45.8, for the purposes of Rule 45.4(b)(2)(ii), and all cleared swaps for which the SD or MSP has an

The SEC issued guidance regarding business development companies with wholly owned small business investment company ("SBIC") subsidiaries. In the guidance, the SEC stated that certain business development companies ("BDCs") file exemptive applications for relief from asset coverage requirements under Investment Company Act Section 18(a) and Section 61(a), which requires a BDC to treat assets and liabilities of certain subsidiaries as its own for purposes of calculating asset coverage. Subsidiary SBICs presumably would be captured within this consolidation rule. However, the SEC has generally

Senator Bernie Sanders (I-VT), along with 19 other Senate Democrats, introduced legislation ( S.2548) that would force the CFTC to use its emergency authority to eliminate excessive oil speculation. The Senators accused oil companies of using unrest in Iraq as an excuse to drive up crude oil and gasoline prices. According to Senator Sanders, "high gasoline prices have less to do with supply and demand and more to do with Wall Street speculators driving up prices in the energy futures market." The proposed bill is virtually identical to legislation that passed the House of Representatives in