On April 20th, SEC Chairman Mary L Schapiro testified about the SEC structure for the supervision of investment banks and their holding companies, the failure of Lehman Brothers, the lessons learned from the Consolidated Supervised Entity program, and the legislative and regulatory initiatives necessary to address the supervision and resolution of systemic entities in the future. The Division of Corporation Finance issued letters to various public companies requesting detailed information about their use of repurchase agreements or similar transactions involving the transfer of assets where they have an obligation to repurchase them. Among other things, these letters instruct the companies to describe their accounting for these transactions, their business purpose, and their impact on liquidity; provide detailed information about the financial statement impact of these transactions throughout each quarter; and discuss how the impact differed from that presented at each quarter end. Schapiro Testimony.