News from the economy, politics and the financial markets
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Illinois Supreme Court Clarifies Standing Requirement for Statutory Claims in No-Injury Cases
On November 20, the Supreme Court of Illinois issued an opinion holding that plaintiffs seeking statutory damages under the federal FCRA, including claims under the Fair and Accurate Credit Transactions Act (FACTA), must allege a concrete injury to establish standing in Illinois courts....By: Orrick, Herrington & Sutcliffe LLP
SEC Consents to Modifications to Global Research Settlement
On December 5, 2025, the Securities and Exchange Commission consented to modifications to the Global Research Settlement applicable to settling firms, which has been in place since the aftermath of the dot‑com bubble bursting. The Settlement contains an Addendum with undertakings that address conflicts of interest between research and investment banking. The Addendum includes a sunset provision providing that new rules would supersede those undertakings....By: Mayer Brown Free Writings + Perspectives
District Court Revives Review of Its Preliminary Injunction Against the CFPB
On November 26, the Trump administration and the union representing CFPB employees both replied to the U.S. District Court for the District of Columbia’s order to identify which provisions of the court’s original preliminary injunction they believed remained in force. As previously covered by InfoBytes, the D.C. district court enjoined the Trump administration’s leadership from dismantling the CFPB in March 2025. The Trump administration appealed to the U.S. Court of Appeals for the District of...By: Orrick, Herrington & Sutcliffe LLP
District Court Enters Judgment in Fraud Case Involving Escrow Transfers
On November 26, the U.S. District Court for the Central District of California entered judgment in favor of a real estate company plaintiff, concluding that the defendant, a title guaranty company, breached its duty of care by releasing more than $13 million in escrow funds without authorization from the depositor....By: Orrick, Herrington & Sutcliffe LLP
CFPB Adopts ‘Humility Pledge’ for Examinations, Says 2026 Examination Cycle is ‘Fundamentally Different’ From Prior Ones
On November 21, the CFPB’s Supervision Division announced changes to its supervision examination process, introducing a new “Humility Pledge” to be read by examiners at the start of each exam. The Bureau stated the pledge will be intended to promote greater transparency, professionalism and efficiency in supervisory exams, and will mark a shift away from prior practices. The pledge stated that, beginning with the 2026 examination cycle, the Bureau will focus its supervision resources on pressing...By: Orrick, Herrington & Sutcliffe LLP
[Video] Sunday Book Review: December 7, 2025, The Best Books on History Edition
In the Sunday Book Review, Tom Fox considers books that would interest the compliance professional, the business executive, or anyone curious. It could be books about business, compliance, history, leadership, current events, or anything else that might interest Tom. Today, we continue our review of some years’ top books in various categories as curated by the Financial Times. In this episode, we look at a history book by Frederick Studemann. 1. The Revolutionists by Jason Burke 2. Shattered...By: Thomas Fox - Compliance Evangelist
Fed Report Details Bank Conditions and Supervisory Findings for First Half of 2025
The Fed recently published its semiannual Supervision and Regulation Report on supervisory and regulatory actions, as well as current banking conditions. The report found that, in the first half of 2025, most banking organizations continued to report capital levels well above applicable regulatory requirements, with smaller banks maintaining stable liquid asset levels....By: Orrick, Herrington & Sutcliffe LLP
OCC Maintains Reduced Assessment Rates and Keeps Special Exams Unchanged for 2026
On December 1, the OCC announced its fee and assessment structure for 2026, maintaining the reduced rates implemented in September for banks and keeping the hourly fee for special examinations and investigations unchanged. OCC-regulated institutions will continue to experience decreased assessment rates; the agency is reducing the general assessment fee schedule by 30 percent for assets below $40 billion and 22 percent for assets above that. The OCC will be lowering rates for the independent...By: Orrick, Herrington & Sutcliffe LLP
Congressional Research Service Details Potential Impacts of National Flood Insurance Program Lapse
On December 2, the Congressional Research Service updated its overview of potential consequences if the National Flood Insurance Program (NFIP) is not reauthorized by January 30, 2026. The NFIP, which is the primary source of flood insurance for residential properties in the U.S., covers 4.6 million policies totaling $1.3 trillion....By: Orrick, Herrington & Sutcliffe LLP
SEC No Longer a "Referee" in the Shareholder Proposal Process
On 17 November 2025, the Division of Corporation Finance (the Division) of the US Securities and Exchange Commission (the SEC) issued a statement announcing that it will not respond to or express views on most no-action requests from companies seeking to exclude shareholder proposals from their proxy materials pursuant to Rule 14a-8 of the Securities Exchange Act of 1934. The announcement applies to the current proxy season, which runs from 1 October 2025 through 30 September 2026, as well as...By: K&L Gates LLP
Weekly Blockchain Blog - December 2025
Crypto Firms Announce New Licenses, Products; USDT Stability Rating Lowered - On Nov. 25, MoonPay, a crypto payments company, announced that its newly established trust company obtained a trust charter from the New York State Department of Financial Services (NYDFS)....By: BakerHostetler
Congressional Research Service Examines Treasury Market Vulnerabilities and Policy Options
On November 21, the Congressional Research Service released a report reviewing possible disruptions in the U.S. Treasury securities market and outlining policy options. The nearly $30 trillion Treasury market is critical for global financial stability, but several events in 2019 and 2020 highlighted vulnerabilities in market liquidity and resilience. The report identified key concerns, including the rapid growth of the Treasury market relative to intermediaries’ capacity and shifts in...By: Orrick, Herrington & Sutcliffe LLP
Orrick State Attorney General Update | December 2025
State AGs are increasingly shaping the regulatory environment for companies operating in tech, finance, healthcare, retail and beyond. Their initiatives—often bipartisan and coordinated across multiple states—can trigger investigations, litigation, reputational risk, and shifts in compliance expectations. This update highlights recent actions taken by the state AGs throughout the country....By: Orrick, Herrington & Sutcliffe LLP
The Latest on Crypto Regulation: SEC Priorities and Congressional Market Structure Bills
Our Securities Litigation and White Collar, Government & Internal Investigations Teams outline how Congress’s market structure proposals and the Securities and Exchange Commission’s (SEC) emerging token classification framework together signal a reset in U.S. crypto regulation as lawmakers and regulators move toward clearer oversight of digital assets....By: Alston & Bird
SEC Extends Compliance Date for Short Sale Reporting Rule to 2028
On December 3, 2025, the Securities and Exchange Commission (the “SEC”) announced that it was providing a second temporary exemption from compliance with Rule 13f-2, the short sale reporting rule, and related Form SHO and Rule 10c-1a, the share lending rule (collectively, the “Rules”) under the Securities Exchange Act of 1934, as amended. After giving effect to the extension, the compliance date for Rule 13f-2 and Form SHO reporting will now be......By: Akin Gump Strauss Hauer & Feld LLP
CFTC Announces Changes to Rules Governing Enforcement Investigations and Settlement Recommendations
On December 1, 2025, the Commodity Futures Trading Commission (CFTC) announced amendments to its rules of practice and rules governing investigations, with the stated goal of enhancing transparency, fairness and due process. Most significantly, the amendments alter procedures governing how the CFTC’s Division of Enforcement......By: Akin Gump Strauss Hauer & Feld LLP
UK Equity Capital Markets Insights — December 2025
On 13 November, the UK Financial Reporting Council (FRC) published its Annual Review of Corporate Governance Reporting (the Review), setting out key findings from an analysis of a sample of 100 randomly selected companies across the FTSE 100, FTSE 250 and small cap that reported in 2025 against the UK Corporate Governance Code 2018 (2018 Code)....By: Paul Hastings LLP
No Note? No Problem: Rhode Island Supreme Court Decides that Mortgagees Can Foreclose Without One
The Rhode Island Supreme Court has strengthened the hand of foreclosing mortgage lenders who do not possess the original promissory note. Before the Court’s recent decision in Porch Swing Holdings, LLC v. Wayne A. Mallory, mortgage lenders lacking possession of the original note and instead relying on a lost note affidavit executed by a prior holder were largely out of luck in Rhode Island. This is because the state’s legislature has not adopted the 2003 revision of the Uniform Commercial Code...By: Hinshaw & Culbertson - Consumer Crossroads
Changes to CFTC Enforcement Process Will Expand Targets’ Rights
On December 1, 2025, the Commodity Futures Trading Commission (CFTC) announced revisions to its Rules of Practice and Rules Relating to Investigations to promote transparency and ensure due process in the commission’s enforcement actions....By: Skadden, Arps, Slate, Meagher & Flom LLP
Alt-Retail Partnerships – What Are They and Why Are They Popular?
Alt-retail partnerships, which see alternative asset managers and retail asset managers coming together to offer retail investors exposure to alternative strategies, are increasingly in demand....By: Ropes & Gray LLP
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