On April 1, 2014, Senators Dianne Feinstein (D-CA) and Chuck Grassley (R-IA) submitted a list of questions to the Financial Crimes Enforcement Network ("FinCEN") on its recent guidance to banks seeking to service marijuana-related customers. In an open letter to FinCEN Director Jennifer Shasky Calvery, the Senators argued that the guidance "severely undermines" FinCEN's mission to safeguard the nation's financial system from illicit use and to combat money laundering. The Senators issued the letter in their respective capacities as Chairman and Co-Chairman of the Senate Caucus on International

Rep. Scott Garrett (R-NJ), Chairman of the Financial Services Subcommittee on Capital Markets and Government-Sponsored Enterprises, introduced the Financial Stability Oversight Council ("FSOC") Transparency and Accountability Act in order to correct concerns about transparency and accountability at the FSOC. Upon introducing the legislation, Rep. Garrett stated that, over the last two years, "it has become increasingly apparent that the Financial Stability Oversight Council (FSOC), created by the Dodd-Frank Act, is in serious need of reform. The council meets in secret, refuses to disclose

The SEC charged Transamerica Financial Advisors ("Transamerica") with improperly calculating advisory fees and overcharging clients. SEC examinations and a subsequent investigation revealed that Transamerica offered breakpoint discounts designed to reduce the fees that clients owed to the firm when they increased their assets in certain investment programs. The firm permitted clients to aggregate the values of related accounts in order to get the discounts. However, the SEC found that Transamerica failed to process every aggregation request by clients and also had conflicting policies on

The CFTC consent Order from a federal court requiring estate funds to be allocated to make final restitution payments to customer claims is now effective after months of unsuccessful appeals. The consent Order, which was entered on November 8, 2013 by Judge Victor Marrero of the U.S. District Court for the Southern District of New York, required that MF Global begin making final restitution payments after obtaining permission from the bankruptcy court to remedy any shortfall with funds of the MF Global general estate. In addition to full restitution, the consent Order imposed a $100 million

CFTC Acting Chair Mark Wetjen and Commissioner Scott O'Malia issued statements at the public roundtable concerning end users and Dodd-Frank. Acting Chair Wetjen and Commissioner O'Malia both stated that they are pleased to see the CFTC hold a meeting to address issues concerning end users. Acting Chair Wetjen stated that the CFTC will publish a Notice of Proposed Rulemaking that would amend the de minimis exception from swap dealer registration to address an issue as to government-owned electric utilities and special entities. He explained that, going forward, the CFTC "must continue to remain