News from the economy, politics and the financial markets
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OCC proposes amendments to public welfare investment, credit risk retention, and nondiscrimination regulations
On April 24, the OCC issued an NPRM in the Federal Register proposing to rescind or amend regulations in 12 CFR parts 24, 43, and 128, citing Executive Order 14219, which directs agencies to identify regulations that are unnecessary, based on anything other than the best reading of underlying statutory authority, or lacking clear statutory authority...By: Orrick, Herrington & Sutcliffe LLP
UK FCA confirms cryptoasset firms can request pre-application meetings from May
The UK Financial Conduct Authority (FCA) has announced that from 11 May, cryptoasset firms preparing for the new UK cryptoasset regime will be able to request pre‑application meetings through the FCA's pre‑application support service (PASS). The meetings are free of charge and are intended to allow firms to discuss proposed business models and regulatory expectations with the FCA and to raise questions ahead of applying for authorisation or a variation of permission....By: A&O Shearman
Ginnie Mae temporarily excludes trial payment plan loans from issuer delinquency calculations
On April 24, Ginnie Mae issued APM 26-06, announcing a temporary revision to its delinquency ratio calculations for compliance purposes. The change temporarily excludes loans on Trial Payment Plans (TPPs) from the delinquent loan count when calculating issuer delinquency rates until the volume of TPPs returns to “expected levels.”...By: Orrick, Herrington & Sutcliffe LLP
[Video] FCPA Compliance Report: Building a Life Sciences Compliance Law Firm with Edye Edens
In this episode, Tom Fox welcomes Edye Edens about launching her Life Sciences Law Group (“Eedee Law”) after years of contracting in life sciences compliance across multiple firms. Edye explains she founded the firm to better align her practice with supporting clinical trial sites, vendors, and academia, which often lack the budgets and in-house legal resources of sponsors and CROs. She describes a multidisciplinary team model that includes non-attorney quality, TMF, regulatory, and...By: Thomas Fox - Compliance Evangelist
New York State Court Largely Denies Motions to Dismiss in “Lender Bullying” Lawsuit
A New York state court largely denied motions to dismiss in a lawsuit alleging that a series of “liability management transactions” violated the original terms of the lenders’ agreements....By: King & Spalding
CFPB Finalizes Revised Section 1071 Rule: A Narrower Framework with a 2028 Compliance Date
The CFPB has finalized its long-anticipated revision to the Section 1071 small business lending data collection rule, published in the Federal Register on May 1, 2026. The final rule (Docket No. CFPB-2025-0040; RIN 3170-AB40) amends Regulation B, subpart B, by substantially narrowing the scope of the 2023 original, contracting coverage to larger lenders, core lending products, and a smaller universe of small businesses, while stripping out several of the discretionary data points that drew the...By: Husch Blackwell LLP
SDNY bans former crypto lending CEO, enters suspended $4.7B judgment resolving FTC claims
On April 28, the SDNY entered a stipulated order permanently banning the former CEO of a cryptocurrency lending platform from advertising, marketing, promoting, offering or distributing any product or service used to deposit, exchange, invest or withdraw assets. The order resolves the FTC’s claims that the former CEO engaged in deceptive and unfair acts or practices in the marketing and sale of cryptocurrency lending and custody services in violation of Section 5 of the FTC Act and obtained...By: Orrick, Herrington & Sutcliffe LLP
New Hampshire orders debt adjuster to refund $190K+ to consumers for alleged excessive fees
On April 2, the New Hampshire Banking Department issued a consent order against a California-based debt adjustment company for allegedly charging New Hampshire consumers fees in excess of the maximum 15 percent permitted under RSA 399-D:16, II....By: Orrick, Herrington & Sutcliffe LLP
Red Flags Everywhere! – Ten Risks for Directors – Week 9
Each week for the next 10 weeks, we will publish an installment of our Red Flags Everywhere! series, highlighting key risk areas that public companies and their board of directors should keep top of mind. This series will serve as a lead up to MoFo’s upcoming Red Flags and Red Wine Tabletop program taking place in our Palo Alto office on May 7. Members of our Securities Litigation, Employment and Labor, and Capital Markets Groups will guide attendees through a ripped-from-the-headlines fact...By: Morrison & Foerster LLP
Kansas enacts law establishing virtual currency kiosk consumer protections and enabling financial exploitation reporting
On April 9, Kansas enacted HB 2591, an omnibus bill that, among other things, establishes virtual currency kiosk regulations and consumer protections, enables financial institutions under certain circumstances to report suspected financial exploitation, and subjects “earned wage access service registrants” to the Kansas Financial Institutions Information Security Act...By: Orrick, Herrington & Sutcliffe LLP
NYDFS reiterates companies’ fair lending obligations under state banking laws
On April 22, NYDFS issued an industry letter to all entities regulated by the department under the New York Banking Law, outlining their obligations under New York’s fair lending law, N.Y. Executive Law § 296-a. The letter states that NYDFS is authorized to enforce New York’s fair lending laws and to impose penalties for violations of federal fair lending laws, citing N.Y. Executive Law § 296-a (8), N.Y. Banking Law § 9-d, and N.Y. Financial Services Law § 408(a)(1)(B). NYDFS reminded regulated...By: Orrick, Herrington & Sutcliffe LLP
ESMA launches sixth stress test exercise for CCPs
The European Securities and Markets Authority (ESMA) has launched its sixth EU‑wide stress test exercise for central counterparties (CCPs), under the European Market Infrastructure Regulation (EMIR). The stress test aims to assess CCPs' resilience to severe but plausible adverse market scenarios and identify potential vulnerabilities....By: A&O Shearman
OCC preempts Illinois interchange fee law, clarifies bank authority to charge non-interest fees
On April 24, the OCC issued an interim final rule and an interim final order related to the Illinois Interchange Fee Prohibition Act (IFPA), which bans interchange fees on the tax or gratuity portions of a transaction and imposes restrictions on the use of data obtained as part of card transactions....By: Orrick, Herrington & Sutcliffe LLP
House Financial Services subcommittee holds hearing on promoting credit access
On April 16, the House Financial Services Subcommittee on Financial Institutions held a hearing titled “Promoting Access to Credit for Everyday Americans.” The subcommittee examined the consumer credit reporting market and the role of the FCRA in balancing consumer protection with access to credit....By: Orrick, Herrington & Sutcliffe LLP
EBA updates correlated currencies used to calculate CRR requirements for foreign exchange risk
The European Banking Authority (EBA) has updated the list of correlated currencies in accordance with the technical standards mandated by Article 354 of the EU Capital Requirements Regulation (Regulation (EU) No 575/2013) (CRR). Article 354 allows institutions to provide lower own funds requirements against positions in relevant closely correlated currencies....By: A&O Shearman
Tax Trends Confronting Family Offices in 2026
Family offices are navigating a period of significant change driven by federal tax legislation, evolving Internal Revenue Service (IRS) enforcement priorities, and increasingly complex structuring considerations across jurisdictions. Legislative action has stabilized certain tax provisions, but enforcement activity and global mobility trends are influencing risk profiles for high-net-worth individuals and their investment platforms....By: Morgan Lewis
FDIC publishes March enforcement actions
On April 24, the FDIC published a list of administrative and enforcement actions taken in March. The FDIC issued 22 orders, consisting of one consent order, seven orders terminating consent orders, two orders to pay civil money penalties, five orders of prohibition, one combined order of prohibition and order to pay, and six orders of deposit insurance....By: Orrick, Herrington & Sutcliffe LLP
FDIC releases annual risk review report
On April 22, the FDIC published its 2026 Risk Review report, assessing the funding, interest rate, and credit risks faced by the banking industry in 2025. The FDIC reported strong earnings in the banking industry, with net income rising on higher net interest income and noninterest income, pushing the aggregate return on assets to 1.2 percent, its highest level since 2021....By: Orrick, Herrington & Sutcliffe LLP
ESMA call for evidence on the market structure of European equity markets
The European Securities and Markets Authority (ESMA) has launched a call for evidence on the structure of European equity markets, presenting an analysis of trends between 2022 and 2025 based on transaction data reported under the Markets in Financial Instruments Regulation (MiFIR). ESMA's analysis suggests that equity markets continue to function well overall, with stable levels of addressable liquidity and on book trading, although it notes a decline in lit continuous trading that has been...By: A&O Shearman
Court dismisses DOJ predatory lending and land sales case, finds settlement ‘bears little relationship’ to claims
On April 28, the U.S. District Court for the Southern District of Texas dismissed with prejudice a predatory lending and land sales case, while expressing serious concerns about the parties’ settlement agreement (covered by InfoBytes here). The case, initially brought by DOJ, the CFPB, and the state of Texas, alleged that the defendants violated the ECOA and the Fair Housing Act by targeting Hispanic consumers with predatory financing and unlawful practices....By: Orrick, Herrington & Sutcliffe LLP
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