Chairman Hensarling announced that the Financial Services Committee will hold a series of hearings throughout the year that focus on the financially troubled Federal Housing Administration ("FHA"), its "outsized role" in the nation's housing finance system, and the need to create a sustainable mortgage finance system. The announcement states that the FHA's single-family insurance fund has a negative economic value of $16.3 billion according to a November actuarial report. The committee's first two FHA hearings are set to take place in February: On Feb. 6 at 9:00 a.m., the committee will hear

The OCC announced that Martin Pfinsgraff would become acting Senior Deputy Comptroller for Large Bank Supervision, succeeding Michael L. Brosnan. Click here to view Press Release in full (links externally to OCC website).

The CFPB announced in the Federal Register that it is delaying the February 7, 2013 effective date of final rules published by the Bureau on February 7, and August 20, 2012 (collectively, the "2012 Final Rule"), that amend Regulation E, which implements the Electronic Fund Transfer Act ("EFTA"). The Final Rule implements statutory requirements set forth in Section 1073 of the Dodd-Frank Act regarding remittance transfers. The Bureau is delaying the effective date of the 2012 Final Rule pending the finalization of a proposal, published on December 31, 2012 ("December 2012 Proposal"), that would

The SEC announced that it has named Carl W. Hoecker as its Inspector General. Click here to learn more (links externally to SEC's website).

Senator Debbie Stabenow, Chairwoman of the U.S. Senate Committee on Agriculture Nutrition and Forestry, urged the nation’s chief financial regulators to implement the Dodd-Frank Act. Chairwoman Stabenow stated that the recent failures of firms like Peregrine Financial Group and MF Global, as well as trading losses at JP Morgan and the ongoing LIBOR scandal, all underscore the need to implement the bill, which was passed by Congress more than two years ago. CFTC Chairman Gary Gensler and SEC Director of the Division of Trading and Market, Robert Cook, testified at hearing. Lofchie Comment