Federal agencies are beginning to shape the rules under Congress’s financial overhaul, also known as the Dodd-Frank law. Regulators want to require banks to retain 5 percent of their credit risk on their books. Wells Fargo told the government it should require lenders to keep even more loans in-house.

We heard from Marketplace’s David Brancaccio, who told us about a place called Cuba, Missouri – considered the most typical town in America, according to census data from 10 years ago. In other news, Ghana began pumping oil off its coast, and hopes the new industry will bring in $1 billion per year.

Mark Zuckerberg, founder and CEO of Facebook, made a new friend today: Time Magazine. He snagged the magazine’s 2010 Person of the Year award, beating out trapped Chilean miners and WikiLeaks founder Julian Assange. Check out our photo slideshow of winners from the last decade, and learn what they did to earn Time’s special title.