News bites: Financial regulators to give Congress status update on Dodd-Frank

The writers of a raft of new rules required by the Wall Street reform bill will testify about their progress this week before the Senate Banking Committee, Reuters reports. 

At last count, less than half of more than 230 separate rules set forth by the landmark legislation had been put in place, according to RegWatch.

Under one of the new regulations known as the Volcker rule, Goldman Sachs Group Inc. will have to shrink its investment in its private-equity funds, The Wall Street Journal reports.

Across the pond, the UK’s own financial reform efforts will require tough regulators unafraid of taking on the banking industry, according to Money Marketing.