[ by Melanie Gretchen ] JPMorgan's multimillion-dollar loss may bring new dimension to the Volcker Rule and similar regulation.  As the election and the final draft of the Rule draw closer, both political parties join forces with the CFTC and SEC to examine common problems stemming from the nation's biggest bank by assets, brought to light in its $2+ billion wake. Senate Banking Committee Hearing. Earlier this week on Tuesday, federal regulators met to discuss potential wrongdoing and whether the bank’s trading debacle will reshape rules for Wall Street.  Specifically, the CFTC is examining how JPMorgan’s trading affected the market for credit derivatives;  the SEC is poring over the bank’s public disclosures to see how forthcoming it was about the troubled trades. SEC Chairman Mary Schapiro said the agency is looking into the accuracy and truth of the bank's first quarter financial reports.  "Our focus is on the quality of their risk disclosure.  We’re very focused on the accuracy and timeliness of that disclosure." In turn, while CFTC chairman Gary Gensler, chairman of the CFTC, did not "provide any specific information about a pending investigation," he discussed, in theory, the agency’s authority to investigate fraud and manipulation of the derivatives market, the instruments at the center of JPMorgan’s trading blunder. Status Update. The hearings began with a new number: as of the first hearing, the bank's losses have totaled 50%, to at least $3 billion, attributed to "errors, sloppiness and bad judgment."  Going forward, another hearing will take place on June 6 with some of JPMorgan’s main regulators, including the Federal Reserve and the Office of the Comptroller of the Currency (the CFTC and the SEC did not have direct oversight over the London unit that placed the trades).  Later this summer, a third hearing will include testimony from Jamie Dimon, JPMorgan’s chief executive. Regulation Opportunity. In light of the bank's losses, renewed calls for a regulatory crackdown on Wall Street have sprung up among lawmakers and consumer advocates: "The company’s massive trading loss is a stark reminder of the financial crisis of 2008 and the necessity of Wall Street reform.  This trading loss has been a wake-up call for many opponents of Wall Street reform." -- Tim Johnson, the chairman of the committee, Senator Tim Johnson, Democrat of South Dakota, said at the hearing on Tuesday. "The Volcker Rule is foremost in everyone’s minds," Ms. Schapiro said.  However, she acknowledged that it was unclear whether the rule would have banned the JPMorgan trading. Senator Bob Corker of Tennessee, a prominent Republican member of the committee who initiated the push for a JPMorgan hearing, wanted to know how regulators would factor the JPMorgan loss into the rule-writing process, to which Mr. Gensler responded: "I think it gives us real live experience." For further details, go to [Dealbook, 5/22/12].