Washington

West Penn Allegheny Health System revealed that the Securities and Exchange Commission may sue it over accounting discrepancies.

MSRB: Dealers to Report Contractual Dollar Price of Interdealer Trades By March 29

The incoming and outgoing chairmen of the House Financial Services Committee — Reps. Jeb Hensarling and Spencer Bachus, respectively — are urging banking regulators to delay implementation of the Volcker Rule until 2015.

The MSRB said today it will change how it calculates bid-to-cover ratios for auction rate securities, one day after the chief executive officer of a Manhattan-based financial advisory firm urged reforms.

The MSRB has revised a draft rule that would require underwriters of 529 college savings plans to file certain plan-related data once or twice a year, instead of quarterly.

President Obama has designated Elisse B. Walter, a leading proponent of increased regulatory oversight of the municipal bond industry, as the next chairman of the Securities and Exchange Commission, effective Dec. 14.

Securities and Exchange Commission chairman Mary Schapiro has announced she will leave her post Dec. 14.

The Municipal Securities Rulemaking Board has proposed including two more exceptions in draft rules that would limit underwriters' ability to consent to changes in muni bond authorizing documents.

Trading in the $3.7 trillion municipal securities market continued to decrease in the third quarter of 2012, according to market statistics released Nov. 20 by the Municipal Securities Rulemaking Board.

In response to new GASB standards, the Government Finance Officers Association wants to give state and local governments guidelines on how to craft sound pension funding policies.