News from the economy, politics and the financial markets
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NCUA announces third round of deregulatory proposals in ongoing ‘deregulation project’
On January 13, the NCUA announced a third round of proposed regulatory changes under its “deregulation project,” an ongoing initiative aimed at easing regulatory burdens and eliminating requirements for federal credit unions that the agency deems outdated or duplicative ....By: Orrick, Herrington & Sutcliffe LLP
HUD moves to eliminate disparate impact rules under Fair Housing Act
On January 14, HUD proposed a rule to rescind its regulations addressing disparate impact liability under the Fair Housing Act. The agency explained that questions about whether a housing practice has an unjustified discriminatory effect (even absent discriminatory intent) should be made by courts rather than prescribed by agency regulation....By: Orrick, Herrington & Sutcliffe LLP
UK cryptoassets regulation: What firms need to know and why early action matters
On 15 December 2025, the UK government laid before Parliament the draft Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2025. This landmark legislation, together with the FCA's messaging, signals a major step forward in the regulation of cryptoassets in the UK. Following this, on 8 January 2026, the FCA published a series of webpages on the new regulatory regime. This included the creation of a new gateway for firms to apply for authorisation to undertake the new regulated...By: Hogan Lovells
Banking regulators report no material differences in accounting and capital standards
On January 15, the OCC, the Fed, and the FDIC submitted in the Federal Register a joint report to congressional committees stating that, as of September 30, 2025, they had not identified any material differences among their accounting standards for financial institutions, and their capital standards were largely the same (with only some technical differences to accommodate an agency’s specific supervisory needs)....By: Orrick, Herrington & Sutcliffe LLP
CFPB publishes updates on collected data for mortgage registry checks
On January 15, the CFPB published in the Federal Register a notice related to the Nationwide Mortgage Licensing System and Registry, which allows mortgage loan originators employed by a federal agency to register and submit required information....By: Orrick, Herrington & Sutcliffe LLP
CFPB receives rulemaking petition to remove Regulation C
On January 12, the CFPB received a petition from a nonprofit law firm urging the Bureau to rescind Regulation C, 12 C.F.R. § 1003, and Appendix B to Part 1003....By: Orrick, Herrington & Sutcliffe LLP
UK HMRC Pauses Concession on Failures to Withhold Tax on Interest Payments
1. WHAT HAPPENED? HM Revenue & Customs (HMRC) has paused operation of its long‑standing practice under which, where UK‑source yearly interest was paid gross to a treaty-entitled overseas lender before HMRC clearance was obtained, the borrower, could—upon making a voluntary disclosure—be assessed for late‑payment interest only (see INTM413205)....By: Mayer Brown
Court approves joint Massachusetts and CFPB settlement with credit-repair firm
Recently, the CFPB announced that it entered a stipulated final judgment and order with the Commonwealth of Massachusetts against a national credit-repair company and its owner in the U.S. District Court for the District of Massachusetts, barring the company and its owner from the credit-repair and debt-relief industry for 25 years....By: Orrick, Herrington & Sutcliffe LLP
Hogan Lovells UK cryptoasset regime roundtable key takeaways
On 14 January 2026, the Hogan Lovells Digital Assets and Blockchain practice hosted a half‑day roundtable event for clients to discuss the FCA's trio of consultation papers: Consultation Paper 25/40 on Regulating Cryptoasset Activity; Consultation Paper 25/41 on Regulating Cryptoassets: Admissions & Disclosures and Market Abuse Regime for Cryptoassets; and Consultation Paper 25/42 on a Prudential Regime for Cryptoasset Firms....By: Hogan Lovells
Eleventh Circuit rules in favor of FTC against ‘deceptive’ company
On January 6, the U.S. Court of Appeals for the 11th Circuit opined that a corporate payments company and its CEO must obey an FTC enforcement order. The appellate court affirmed the lower court’s grant of summary judgment for the FTC on all five counts against the company and on four of the five counts against the CEO, citing “overwhelming” evidence of unfair and deceptive acts and practices....By: Orrick, Herrington & Sutcliffe LLP
OCC proposes rule to clarify national trust bank chartering authority
On January 8, the OCC announced it had issued an NPRM in the Federal Register to clarify its purported “longstanding authority” to charter national banks limited to the operations of trust companies and related activities. The proposed rule would amend 12 C.F.R. 5.20, replacing references to “fiduciary activities” with “operations of a trust company and activities related thereto,” aligning regulatory language with statutory terms under the National Bank Act....By: Orrick, Herrington & Sutcliffe LLP
Treasury issues proposed revisions to the ‘Treasury Offset Program’
On December 23, the Treasury issued an NPRM in the Federal Register titled “Debt Collection Authorities Under the Debt Collection Improvement Act of 1996” proposing to revise regulations governing the Treasury Offset Program (TOP)....By: Orrick, Herrington & Sutcliffe LLP
CFPB and DOJ withdraw ECOA guidance on immigration status in credit decisions
On January 12, the CFPB in conjunction with DOJ announced the withdrawal of a joint statement that previously cautioned lenders about the risks of considering a credit applicant’s immigration or citizenship status under the ECOA....By: Orrick, Herrington & Sutcliffe LLP
The New UK Prospectus Rules: What DCM Issuers Need to Know in 2026
With much anticipation, the reforms to the prospectus requirements for public offers of bonds in the UK came into force on 19 January 2026 when the UK Prospectus Regulation was revoked and replaced by the new regulatory regime enabled via the Public Offers and Admissions to Trading Regulations 2024 (“POATRs”)....By: BCLP
Beneficial Ownership Register: New Access Rules Enter Into Force
On January 9, 2026, Legislative Decree No. 210 of December 31, 2025 entered into force, amending and supplementing Legislative Decree No. 231/2007 (the “AML Decree”), the cornerstone of Italy’s anti-money-laundering and counter-terrorist-financing framework. This measure implements Article 74 of Directive (EU) 2024/1640 (the “EU Directive,” part of the AML Package) and introduces more stringent rules governing access to the register of beneficial owners....By: A&O Shearman
Healthcare & Life Sciences Private Equity Deal Tracker: WindRose Invests in Avalon Healthcare
WindRose Health Investors has announced an investment in Avalon Healthcare Solutions. Avalon, founded in 2013 and based in Tampa, Florida, is a healthcare technology company that manages the appropriate use of routine and genetic diagnostic laboratory tests on behalf of health plan clients....By: McGuireWoods LLP
New NPL Investment Opportunities Emerge As Market Shifts
Europe’s non-performing loan (NPL) market is evolving, as shifts in global trade policy and sector-specific headwinds change the dynamics that have driven NPL deals over the past 10 years. The most recent Risk Assessment Report published by the European Banking Authority (EBA) reported a moderate increase in NPL stocks from €365 billion in 2023 to €375 billion at the end of 2024, and a slight rise in the NPL ratio (the proportion of total loans in default) from 1.84% to 1.88%....By: White & Case LLP
The State AG Report – 01.15.2026
Here are curated AG and federal regulatory news stories highlighting key areas in which state and federal regulators’ decisions are having an impact across the US: • GOP AGs Support Letting States Chart the Course on Waterways - • Democratic AGs Keep Wind Energy Whirling with CT, RI Win and New NY Lawsuits - • AGs’ Interest in Capital One Savings Pays Off for Consumers - • Kentucky AG Moves to Shut Down Unsafe AI Chats-...By: Cozen O'Connor
UK FCA Data Exfiltration Prosecutions: A Reminder Of Malicious Insider Risks
Data exfiltration via cyberattack is top-of-mind for financial services firms. Regulatory attention is primarily focused on the risk of impersonation to misappropriate funds, but there are two other angles firms would do well to consider: data exfiltration by a malicious insider, and subsequent use of that data in investment fraud....By: A&O Shearman
Fed replaces 2023 policy statement on responsible innovation for Fed-supervised state banks
Recently, the Fed withdrew its 2023 policy statement and issued a new statement regarding the treatment of certain Fed-supervised banks, with the aim of facilitating “responsible innovation” in the banking sector....By: Orrick, Herrington & Sutcliffe LLP
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