On the same day that Treasury Secretary nominee Steven Mnuchin  that the Dodd-Frank Act materially discouraged commercial lending to the detriment of the economy, Comptroller Curry argued that "heightened standards" have made banks safer. Comptroller Curry's far-too-late acknowledgment that capital requirements unduly restrict lending and limit economic growth, and his recognition that the criticism is a "legitimate policy question," is an indication that the…

Other firms undoubtedly will seek to apply the new procedures provided in this guidance to their own activities. Given the high potential liability for getting it wrong, firms should stay within the four corners of the no-action letter, or seek relief tailored to their different individual circumstances.

It is notable that Mr. Fleming did not focus on disclosures of political and political-interest issues, such as those favored by  (D-MA). Instead, Mr. Fleming concentrated on disclosures that facilitate investment decisions.

Mr. Luparello has broad experience in financial market regulation and is highly respected. His departure will be a loss to the SEC.