Financial Services Committee Chairman Jeb Hensarling (R-TX) today announced the committee's schedule of hearings and markups for the last two weeks of June. June 18 at 10 a.m. - The Financial Institutions and Consumer Credit Subcommittee will hold a hearing to examine how the Dodd-Frank Act hampers home ownership. June 18 at 2 p.m. - The Oversight and Investigations Subcommittee will review and discuss spending by the Consumer Financial Protection Bureau. June 19 at 10 a.m. - The Financial Services Committee will mark up four bills to relieve some of the federal regulatory burden on investors

SIFMA released a statement from president Kenneth E. Bentsen, Jr., after a bipartisan majority of the House of Representatives passed H.R. 1256, the Swap Jurisdiction Certainty Act. The legislation seeks to address cross-border application of derivatives regulation under Title VII of the Dodd-Frank Act by requiring coordination in rulemaking between the CFTC and the SEC. Legislation: H.R. 1256, the Swap Jurisdiction Certainty Act. See: Press Release.

The SEC charged cosmetics and beauty manufacturer Revlon with violating federal securities laws asserting that the company misled shareholders in a "going private transaction." An SEC investigation found that during a voluntary exchange offer to satisfy a significant debt to its controlling shareholder, Revlon did not inform its independent board members of certain critical information: a third-party financial adviser had found that the consideration offered in the transaction was inadequate. In an attempt to avoid its potential disclosure obligation, the company amended the agreement it had

The NFA’s Business Conduct Committee issued a complaint against Level III Management LLC ("L3M"), Level III Trading LLC ("L3T"), and Bruce A. Gwyn ("Gwyn"), alleging three counts of NFA compliance rule violations. Gwyn, who is the Listed Principle and Associated Person ("AP") of L3M and L3T, faces allegations which include the misappropriation of funds in one pool (Level III Trading Partners LP ("L3LP" or "the Fund")), using the Fund for his personal benefit, using questionable valuation methods of L3M's and his investments, as well as failing to comply with quarterly and annual NFA filing

The Office of the Comptroller of the Currency ("OCC") issued identical letters to seven national banks approving their requests for a 24-month transition period under Section 716 of the Dodd-Frank Act (commonly known as the "Lincoln Amendment"). The letters, which track the statutory language of Section 716, allow the banks additional time under the transition period to cease or divest their swaps activities after the effective date of the Lincoln Amendment on July 16, 2013. Letters: Bank of America; Citibank; Wells Fargo; HSBC; JPMC; Morgan Stanley; U.S. Bank. Related News Items : FRB