Rule proposal from the OCC, FRB, CFPB, FHFA, NCUA, and FDIC. OCC, FRB, CFPB, FHFA, NCUA, FDIC: Proposed Rule and Comment Request - Appraisals for Higher-Risk Mortgage Loans

The CFPB released an informal guidance regarding the pending remittance transfer requirements. Section of 1073 of the Dodd-Frank Act expanded the scope of the Electronic Fund Transfer Act's requirements for certain international fund transfers - transactions referred to as "remittance transfers." The Dodd-Frank Act required the CFPB to issue rules to implement Section 1073's provisions regarding certain disclosures, and cancellation and error resolution procedures. These regulations were published February 7, 2012 (along with model forms and official staff commentary), and additional safe

FINRA has filed with the SEC a proposed rule change to extend the pilot program in FINRA Rule 6730(e)(4) to October 25, 2013. The pilot program exempts from reporting to the Trade Reporting and Compliance Engine ("TRACE") transactions in TRACE-Eligible Securities that are executed on a facility of the NYSE, reported to NYSE, and disseminated publicly by NYSE. View text of rule change here (links externally to FINRA website).

The Division of Swap Dealer and Intermediary Oversight issued a no-action letter providing time-limited, and otherwise limited, no-action relief from the obligation to include any forex swap or forex forward for purposes of determining a person's registration requirement as an SD, MSP or CPO. Be aware that the relief is quite limited. It applies for purposes of the calculations relevant to determining if a person is a major swap participant or SD, but significant aspects of the relief are only available if the Treasury determines (which is uncertain at this point) to exempt such swaps or

The Division of Swap Dealer and Intermediary Oversight ("DSIO") issued the attached no-action letter regarding the treatment of agricultural and exempt commodities in making calculations for purposes of the swap dealer and major swap participant definitions. The no-action letter states that the DSIO will not recommend the CFTC take action against any person for: failure to include, in its calculation of the aggregate gross notional amount of swaps connected with its swap-dealing activity for purposes of CFTC Rule 1.3(ggg)(4), a swap that (i) references an exempt commodity or agricultural