News bites: Tough talk from Warren to regulators in senator’s first hearing

Sen. Elizabeth Warren (D-Mass) took to the offensive in her first hearing on the Senate Banking Committee, according to The Hill’s On the Money blog. "The question I want to ask is how tough you are," Warren told regulators there to testify on their progress in implementing the Dodd-Frank Wall Street reform law.

Top regulators are open to major changes in one of the mortgage-lending rules proposed two years ago to implement a piece of Dodd-Frank, The Wall Street Journal reports.

The Financial Accounting Standards Board (FASB) is proposing rules that would give banks more freedom to value assets as they see fit, according to The New York Times.

Fidelity investments, meanwhile, is trying to ward off new regulations involving money market mutual funds. The firm sent a letter to the Financial Stability Oversight Council urging the regulator to “take no further action” on money market funds, according to The Boston Globe.  Fidelity argues that the Securities and Exchange Commission (SEC) has jurisdiction over the matter.

The Food and Drug Administration (FDA) has approved an artificial retina, providing hope that some amount of sight could be restored to the blind.

 In case you missed yesterday’s RegWatch:

A trio of U.S. senators urged regulators to scrap a proposal requiring lenders to pony up 20 percent down payments when buying a home.

Public Citizen issued a report finding that federal regulations haven’t been the job killers that some critics have described.

The FDA has extended the comment period on its finding that genetically engineered “Frankenfish” are not harmful to the environment or people.

Sen. Mike Johanns (Neb.) is pressing legislation to crack down on an “overreaching” Environmental Protection Agency.

Insurance lobbyists huddled this month with the White House on a key regulation required by President Obama’s healthcare law.

Advocacy groups are pressing the FDA to crack down on sugary drinks.

The GOP is pushing legislation to halt the work of the National Labor Relations Board.

The Federal Aviation Administration is vowing to address privacy issues associated with drone flights.