News from the economy, politics and the financial markets
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Latest news
Petition for Rehearing Filed in Colorado DIDMCA Opt-Out Case
A group of trade associations has filed a petition for rehearing en banc asking the Tenth Circuit to review a panel decision holding that a state’s right to opt out under Section 525 of the federal Depository Institutions Deregulation and Monetary Control Act (DIDMCA) applies broadly to loans when either the lender or borrower is located in the opt-out state. If the panel’s majority decision stands, out-of-state state banks may not be able to rely on federal interest rate preemption when making...By: Husch Blackwell LLP
NAD’s Newfound Interest in Financial Services
In 2025, the National Advertising Division saw a notable uptick in challenges involving the financial services industry. Historically viewed as a forum focused on categories like food, cosmetics, personal care, household goods, and telecom, NAD is now directing additional attention toward debt-relief, credit-improvement, and broader financial services advertising. That shift is reflected not only in several competitor-initiated challenges but, notably, in two recent monitoring actions NAD opened...By: Kilpatrick
OCC Requests Feedback on Community Banks' Engagement with Core and Essential Service Providers
On November 28, 2025, the Office of the Comptroller of the Currency ("OCC") issued a request for information ("RFI") on community banks' engagement with their core service providers and other essential third-party service providers....By: Hudson Cook, LLP
Real Estate: Market Pulse (December 2025)
Seyfarth’s real estate team provides a bird's-eye view of the current state of commercial real estate throughout the country—highlighting which markets and major asset types are active, slowing down, or experiencing shifts....By: Seyfarth Shaw LLP
OCC and FDIC Withdraw From Leveraged Lending Guidance
Banks subject to the Agencies’ jurisdiction will now be expected to manage leveraged lending using general risk management principles for safe and sound lending....By: Latham & Watkins LLP
Nonprofits Sue to Force CFPB to Accept Funding from the Federal Reserve
Three nonprofit organizations have filed a complaint in the Northern District of California seeking declaratory and injunctive relief to prevent what they describe as a de facto shutdown of the Consumer Financial Protection Bureau (CFPB or Bureau). Their suit targets Acting Director Russell Vought’s refusal to request funding for the Bureau from the Federal Reserve Board (Fed), arguing that Congress designed a statutory provision that provides stable, standing appropriation to support the CFPB’s...By: Troutman Pepper Locke
SEC Division of Investment Management Director Brian Daly Signals Innovation-Forward Agenda, Positioning AI at the Forefront of SEC Strategy
On December 2, 2025, Brian Daly, Director of the Securities and Exchange Commission (the “SEC”) Division of Investment Management (the “Division”), delivered remarks to the American Bar Association outlining the Division’s top priorities under his leadership: deregulation, modernization, democratization, and artificial intelligence (“AI”)....By: Proskauer - Regulatory & Compliance
SEC Again Extends Short Sale and Securities Lending Rules’ Compliance Deadlines to 2028 While It Considers Response to Court Ruling
On December 3, 2025, the Securities and Exchange Commission (the “SEC”) issued an exemptive order to postpone the compliance deadline for Rule 13f-2 under the Securities Exchange Act of 1934 by two years. The new deadline for compliance is January 2, 2028. Rule 13f-2 was adopted in October 2023 and compliance had already been extended one year beyond the original deadline date of January 2, 2025......By: Proskauer - Regulatory & Compliance
FCA Consults on Client Categorisation and Conflicts of Interest Regimes
On 8 December 2025, the United Kingdom’s Financial Conduct Authority (“FCA”) published a consultation paper (CP25/36) on amending its rules on client categorisation and conflicts of interest (the “Consultation Paper”)....By: Proskauer - Regulatory & Compliance
Navigating Regional Sanctions Risks: Insights from the FinCEN Report on Iranian Shadow Banking
In October 2025, the U.S. Financial Crimes Enforcement Network (FinCEN) released its latest Financial Trend Analysis (FTA) on Iranian shadow banking. The report offers one of the clearest pictures to date of how Iran continues to evade international sanctions through global financial and corporate networks....By: Ankura
2026 SEC Examination Priorities for Investment Advisers
No need to bring a crib sheet, the US Securities and Exchange Commission (SEC) Division of Examinations just revealed (some of) this year’s test....By: ArentFox Schiff
If You’re Planning to Attend the Party, You Best Be Sure Interest Rates Are Coming Down
There’s an awful lot of happy talk going around about 2026. Apparently, that’s the year we were supposed to stay alive till. I surely hope the talk is right, even if it doesn’t rhyme. 2025 was a pretty darn good year for commercial real estate but underperformed the “talk” in late 2024. We like happy talk. I keep seeing stories across the media landscape about how asset values are going up, transaction volume is increasing and we’re finally out of the woods. Put on your party hats, spike...By: Crunched Credit
CFTC Issues Guidance on Tokenized Collateral and Other Crypto Sprint Developments
In furtherance of its Crypto Sprint initiative and its implementation of the recommendations in the White House digital asset report ("White House Report") released over the summer, on December 8, 2025, the CFTC issued new guidance on tokenized collateral and announced the launch of a digital assets pilot program for certain digital assets (including BTC, ETH, and USDC) to be used as collateral in derivatives markets. The CFTC also withdrew an earlier staff advisory on accepting virtual...By: Davis Wright Tremaine LLP
The key challenges in digital assets: What is keeping leaders up at night?
Institutional clients prioritise scale, credibility and compliance in the digital assets sector. Distribution challenges and strict marketing restrictions remain as significant hurdles for businesses....By: Walkers
The SEC’s New Guidance on PSEs: What Broker-Dealers Need to Know
The U.S. Securities and Exchange Commission’s Division of Trading and Markets has finally answered a question that has hovered over independent broker-dealers for years: when can a registered representative’s own LLC or corporation receive transaction-based compensation without itself registering as a broker-dealer? In a no-action letter responding to the Financial Services Institute on November 17, 2025, the staff’s answer is a cautious “yes,” but only if the entity is tightly owned by your...By: Procopio, Cory, Hargreaves & Savitch LLP
UK FPC Assessment Of Bank Capital Requirements
The Bank of England's (BoE) Financial Policy Committee (FPC) has published a Financial Stability in Focus report, revisiting its assessment of bank capital requirements. The FPC now judges that the appropriate benchmark for the system-wide level of Tier 1 capital requirements is around 13% of risk-weighted assets, equivalent to a Common Equity Tier 1 (CET1) ratio of around 11%. This represents a reduction from the 2019 assessment, which set the benchmark at 14%, reflecting improvements in risk...By: A&O Shearman
Delaware Imposes Nearly $1M Penalty on Investment Adviser for Registration, Supervision, and Recordkeeping Failures
On November 21, Delaware Attorney General Kathy Jennings’s Investor Protection Unit (IPU) announced a $995,180 penalty against Kovack Advisors, Inc. (Kovack) for a series of violations of the Delaware Securities Act. The enforcement action — resolved through a consent order — highlights the IPU’s growing focus on registration accuracy, supervisory systems, and books-and-records compliance for investment advisers operating in the state....By: Troutman Pepper Locke
Sanctions Tracker – Enforcement Action by the Australian Federal Police
The Australian Federal Police (AFP) has charged the director of a registered remittance company for allegedly remitting approximately $649,000 to sanctioned Iranian banks, in contravention of Australia’s autonomous sanctions regime....By: Herbert Smith Freehills Kramer
UK FCA Update On Review Of Access To Cash Regime
The UK Financial Conduct Authority (FCA) has published an update on its forthcoming review of the access to cash regime. The regime, introduced under the Financial Services and Markets Act 2023, seeks to maintain responsible provision of cash access services to consumers and businesses....By: A&O Shearman
CFTC Issues No-Action Relief Related To CPO Registration For Certain Credit Risk Transfer Transactions
On November 21, 2025, the Market Participants Division of the Commodity Futures Trading Commission (CFTC) issued a no-action letter granting relief to financial institutions engaging in certain credit risk transfer (CRT) transactions from commodity pool operator (CPO) registration (No-Action Letter). The Structured Finance Association requested the no-action relief on behalf of its prudentially regulated member financial institutions, such as national banks, bank holding companies, and savings...By: Eversheds Sutherland (US) LLP
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