Deputy Comptroller for Compliance Policy Grovetta Gardineer today discussed agency concerns about H.R. 6139 ("The Consumer Credit Access, Innovation, and Modernization Act") during her testimony before the Subcommittee on Financial Institutions and Consumer Credit of the U.S. House Committee on Financial Services. Gardiner expressed concern that H.R. 6139, which proposes to create a Federal charter for National Consumer Credit Corporations, would adversely affect consumers and would create a class of federally chartered institutions with serious safety and soundness concerns. View release in

The OCC released an update to the Bank Accounting Advisory Series (BAAS) with recent answers to frequently asked questions from the industry and examiners covering areas such as acquired loans, other real estate owned, troubled debt restructurings, nonaccrual, allowance for loan and lease losses, insurance claims, and bankruptcy court discharged debt. View release in full here (links externally to OCC website). Additional Materials: Bank Accounting Advisory Series (June 2012).

The MSRB has filed a proposed rule change with the SEC to establish a new interim municipal advisor assessment under new Rule A-11 and a new Form A-11-Interim. In addition, the MSRB is requesting comment on a draft survey seeking information from municipal advisors on the nature of the advisory activities they undertake as well as the level of compensation received by such advisors. [SL Comment: Essentially, the regulators are trying to determine whether to increase regulatory assessments on muni advisors.] View release in full here (links externally to MSRB website).

The FDIC has issued a final rule that would prohibit state and federal savings associations from acquiring or holding a corporate debt security when the security's issuer does not have an adequate capacity to meet all financial commitments under the security for the projected life of the security. The final rule is being issued under section 939(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Savings associations must be in compliance with this rule by January 1, 2013. Additionally, the FDIC has issued a final guidance that sets forth due diligence standards for

The CFTC Division of Market Oversight announced the issuance of temporary no-action relief from CFTC Part 151. This temporary relief is intended to provide sufficient time to transition to fully compliant aggregation for which the relief is time-limited to no later than December 31, 2012. Note that the exemption is NOT self-executing. Firms must notify the CFTC of their intent to utilize the exemption. For a discussion of position limits generally, see the CPO/CTA Guide, Trading Chapter. View press release in full here(links externally to CFTC website). From that page, on the left hand top