(Jul 22) Frustrated senators were met with requests for patience as they questioned a Financial Stability Oversight Council official on what they say is a continuing lack of transparency in the Council's process for designating nonbank financial firms as systemically important financial institutions (SIFIs). Senate Banking Committee Subcommittee on Securities, Insurance, and Investment members asked Treasury Deputy Assistant Secretary Patrick Pinschmidt about a delay of months in opening a so-called off-ramp for companies to drop the SIFI designation. Pinschmidt said FSOC is trying to improve the dialogue with firms it is considering designating or has designated as SIFIs. He repeatedly returned to FSOC's release of new procedures in February.

(Jul 22) Business and industry groups and individuals flooded the Department of Labor with comment letters as the initial period for public input came to a close July 21. Fine-tuning the definitions of "recommendations" and "advice," allowing time for implementation are among the top concerns that commenters urged the DOL to address in its conflict-of-interest proposal, commonly known as the fiduciary rule. Many of the letters heavily criticized the proposal, though some backed it, but they also looked at particular aspects of the proposed rule and provided possible ways of improving it. Other concerns included employee stock ownership corporations, privacy and data security, and providing adequate time to implement the final rule once it's effective.