During two closed sessions before the luncheon, committee members discussed the latest in financial regulation issues. At a luncheon briefing following these sessions, SFRC members gave several statements and answered questions.

The Basel Committee on Banking Supervision (Basel Committee) is proposing to regulate bank liquidity. This marks a major innovation in the Basel approach to international banking regulation.

The surprising "disappearance" of as much as $1.6 billion in customer funds during the collapse of MF Global has raised questions about the workings and integrity of key aspects of our financial system. 

One of the many requirements of the Dodd-Frank Act is that all federal agencies must remove references to and reliance on credit ratings from their regulations and replace them with alternative methods for evaluating creditworthiness. 

In November 2011, the OCC, FRB, FDIC, and SEC issued a530 page joint proposal to implement Section 619 of the Dodd-FrankAct (the "Volcker Rule") to bar banking entities and their affiliatesfrom engaging in short-term proprietary trading. 

The collapse of MF Global has exposed weaknesses in the Commodity Futures Trading Commission's and Federal Reserve Bank of New York's ability to evaluate the risks that the institution's operations.

The Dodd-Frank Act required the FDIC to change how it assesses banks for deposit insurance. FDIC’s final rule implementing that mandate went into effect on April 1, 2011.

A controversial dimension of the financial crisis has been the role of credit ratings and the perverse incentives facing rating organizations.