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    SEC adopts securitization, rating agency reforms

    The U.S. Securities and Exchange Commission on Wednesday adopted tighter rules for asset-backed securities and credit rating agencies, tackling two issues at the core of the 2007-2009 financial crisis after years of delays. Banks will need to give far more transparency about ABS products under the new rules, and have to publicly disclose a raft of information about the thousands of car, home or other loans that underlie such securities. More on Reuters here.

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    SEC Wants More Detail on Loans Backing Securities

    WASHINGTON—U.S. regulators will take long-awaited steps to give investors more information about the quality of mortgages and other loans underpinning certain securities. The Securities and Exchange Commission is expected to complete rules Wednesday that would require banks and other firms to provide investors with more details about loans pooled into bonds known as asset-backed securities. The data will include borrowers’ credit scores and metrics to gauge levels of debt—information the SEC expects will aid investors in determining the health of certain loans and reduce reliance on credit ratings, according to people familiar with the matter. More in the Wall Street Journal here.

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    Cassidy: SEC should appeal ruling against Stanford victims

    Rep. Bill Cassidy, R-Baton Rouge, is asking Securities and Exchange Commission Chair Mary Jo White to appeal a D.C. Court of Appeals ruling that victims of the Stanford Ponzi scheme aren’t eligible for compensation from a fund established by the Securities Investor Protection Corp. The court ruled that the losses, painful as they were, came from foreign certificates of deposit issued by banks that aren’t part of the corporation’s industry members who fund the account to reimburse victims of financial fraud. More on The Hill here.

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    Former SEC Chief Walter Named FINRA Public Governor

    The Financial Industry Regulatory Authority announced Thursday that former Securities and Exchange Commission Chairwoman Elisse Walter has been elected to FINRA’s board as public governor, along with Susan Wolburgh Jenah, president and CEO of the Investment Industry Regulatory Organization of Canada (IIROC). Also elected at FINRA’s 2014 annual meeting in Washington, which was closed to the public, were a small-firm governor, Mark Cresap, president and owner of Cresap Inc., and a large-firm governor, Gregory J. Fleming, president of Morgan Stanley Wealth Management and Morgan Stanley Investment Management. More on ThinkAdvisor here.

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    Once Powerful, Mary Jo White’s S.E.C. Is Seen as Sluggish and Ineffective

    Mary Jo White took the helm of the Securities and Exchange Commission facing high hopes that she could turn around the once-proud agency. More than a year into her tenure, she has disappointed a wide swath of would-be allies. Over the last several weeks, I’ve been talking to fellow regulators, administration officials, current and former S.E.C. staff members, financial reform advocates and people on Capitol Hill whose opinions of Ms. White’s performance range from dissatisfied to infuriated. More in the New York Times here.

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