Following the appearance of the chief executive of the British Banking Association before the Parliamentary Commission on Banking Standards, the BBA has published a formal submission listing various options for improving standards of banking practice in the UK. The submission revolves around three main areas: Strengthening the existing regime, for instance, by closing existing gaps and expanding it to significant wholesale market transactions or dealing; Enhancing professionalism, either by increasing independent oversight or through guidance and standards set by the Financial Conduct

FINRA has announced the launch of a pilot program offering the parties in simplified cases pro bono or reduced-fee telephone mediation. Participation in the pilot program, which began on January 15, is voluntary and open to cases involving claims of $50,000 or less. According to FINRA's press release, parties interested in participating in the pilot program can notify FINRA by visiting FINRA's artitration and meditation small claims page. Mediators would serve on a pro bono basis on cases involving claims of $25,000 or less in damages, and for reduced fees on cases with damage claims between

The CFPB has proposed to amend Regulation Z, which implements the Truth in Lending Act ("TILA"). As amended by Dodd-Frank, TILA requires mortgage lenders to make "reasonable, good faith determinations" that customers are able to repay loans, and establishes minimum requirements for making such determinations. The CFPB has proposed amendments to Regulation Z that would provide certain exceptions from these requirements, including exemptions for certain nonprofit creditors and certain homeownership stabilization programs, as well as an additional definition of a "qualified mortgage" for certain

The SEC has announced that Gregg E. Berman has been named Associate Director of the Office of Analytics and Research in the SEC’s Division of Trading and Markets. "Gregg’s analytical expertise and market background make him a tremendous asset for our new Office of Analytics and Research," said John Ramsay, Acting Director of the Division of Trading and Markets. "In his time at the SEC, Gregg has worked on many complex issues, including an analysis of the causes of the May 6, 2011, 'flash crash,' on rulemaking to create a Consolidated Audit Trail, and on the many new rules for derivatives

SIFMA has submitted comments to the Financial Stability Oversight Council ("FSOC") concerning its proposed recommendations regarding money market mutual fund reform. The comments focus on seven points that fall within the following four categories: FSOC's Process; Guiding Principles; Floating Net Asset Value (NAV); and Other Possible Reforms - Redemption Gate accompanied by Liquidity Fee. Click hereto view letter in full (links externally to SIFMA website). Related News Story: FSOC Recommendations on Money Market Funds (with Lofchie Comment) (November 19, 2012).