News from the economy, politics and the financial markets
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OCC to Assess Banks’ “Debanking” Practices as Part of Licensing and CRA Reviews
On September 8, the Office of the Comptroller of the Currency (OCC) took significant action to “depoliticize” the federal banking system by issuing two bulletins to banks that further the goals of Executive Order 14331 “Guaranteeing Free Banking for All Americans” (discussed here). The OCC’s press release announcing the bulletins explains that they are aimed at eliminating politicized or unlawful debanking practices and ensuring that banks provide access to financial services based on objective,...By: Troutman Pepper Locke
California appellate court reverses lower court ruling on 2006 debt
On September 5, a California appellate court reversed a lower court’s order that had dismissed an individual’s complaint seeking to vacate a default judgment for unpaid debt brought by a collection company....By: Orrick, Herrington & Sutcliffe LLP
Everything You Want to Know About RWAs But Are Afraid to Ask
As the digital transformation of finance accelerates, tokenized real-world assets (RWAs) are emerging as a bridge between traditional finance and decentralized markets. The innovation also raises critical legal and regulatory questions. This Q&A explores the evolving landscape of tokenized RWAs, addressing key topics such as how they can be bought and sold, whether they are considered securities, and what legal requirements issuers must meet to bring tokenized RWAs to market....By: Cooley LLP
Competition Bureau to Conduct Market Study on Small and Medium-Sized Enterprise Lending
On September 4, 2025, the Canadian Competition Bureau (Bureau) announced its intention to conduct a market study into the state of competition for lending to small and medium-sized enterprises (SMEs) in Canada....By: Blake, Cassels & Graydon LLP
Why Can't We Be Friends? The SEC and CFTC Vow More Cooperation
On September 5, 2025, the Securities and Exchange Commission ("SEC") and the Commodity Futures Trading Commission ("CFTC") released a joint statement (the "Statement") outlining a renewed commitment to regulatory cooperation and harmonization, with a particular focus on fostering innovation in digital assets, crypto products, and emerging trading platforms....By: Jones Day
FinCEN releases notice to financial institutions on financial exploitation of minors
On September 8, FinCEN issued a notice to financial institutions to help identify and report suspicious activity related to financially motivated sextortion, an online threat with financial and social consequences for victims....By: Orrick, Herrington & Sutcliffe LLP
[Video] AI Today in 5: September 10, 2025, The Compliance First AI Episode
Welcome to AI Today in 5, the newest edition to the Compliance Podcast Network. Each day, Tom Fox will bring you 5 stories about AI, so start your day, sit back, enjoy a cup of morning coffee, and listen in to the AI Today In 5, all from the Compliance Podcast Network. Each day, we consider four stories from the business world, compliance, ethics, risk management, leadership, or general interest related to AI. Top AI stories include: • The Trump Administration to Speed Up AI Permitting....By: Thomas Fox - Compliance Evangelist
Part 2: #Start-up M&A: The (Not-So-Fun) Exit - Distressed M&A in Start-up Land | Legal Ninja Snapshot
When start-ups dream of an exit, they picture ringing the bell at an IPO or celebrating a headline-grabbing acquisition. But what happens when the journey takes a detour through the valley of distress?...By: Orrick, Herrington & Sutcliffe LLP
Practice Leader Insights From V&E's David Berkery
In this Law360 U.K. Expert Analysis series, practice group leaders share thoughts on keeping the pulse on legal trends, tackling difficult cases and what it takes to make a mark in their area. In this installment, David Berkery, head of the aviation finance team at Vinson & Elkins, discusses the challenges of striking an asset-backed securitization deal after the 2008 financial crisis rewrote the rules, why sustainable aviation goals need more government encouragement, and why young attorneys...By: Vinson & Elkins LLP
SEC Spring 2025 Agenda: Key Takeaways for Investment Advisers
On September 4, 2025, the Securities and Exchange Commission (the “SEC”) published its Spring 2025 Unified Agenda of Regulatory and Deregulatory Actions (the “Reg Flex Agenda”). Twice per year, Federal agencies, including the SEC, must publish an agenda of proposed rulemakings that they anticipate will have a substantial impact on the economy. The Reg Flex Agenda lists the SEC’s current rulemaking initiatives and reflects the SEC’s rulemaking priorities....By: Proskauer - Regulatory & Compliance
[Video] Compliance into the Weeds: Fracht - The Bonkers Sanctions Case
The award-winning Compliance into the Weeds is the only weekly podcast that takes a deep dive into a compliance-related topic, literally going into the weeds to explore a subject more fully. Looking for some hard-hitting insights on compliance? Look no further than Compliance into the Weeds! In this episode, Tom Fox and Matt Kelly discuss a recent OFAC enforcement action against a Swiss-domiciled freight forwarding company, Fracht. The case stands out for its complexity, involving a single,...By: Thomas Fox - Compliance Evangelist
Undercapitalization in the Booming Secondaries Market: Why Buy-Side Capital Continues to Lag Behind Deal Opportunities Despite Record Fundraises
With near-constant reports on the growth and scale of the secondaries market, and headlines announcing marquee secondary fund closings, such as Carlyle AlpInvest’s recent $20 billion fundraise, one could be excused for wondering how the market could be undercapitalized. Despite these large fundraises, along with many new entrants in the space and rapid growth of retail secondaries products, secondary opportunities continue to dwarf buy-side capital....By: Ropes & Gray LLP
I'm From the Government and I'm Here to Help
I’m sure you know the allegory about the camel’s nose under the tent, right? First it’s the nose, then it’s the humps. A camel takes up a lot of room. They’re smelly, they make an appalling din and while they may be useful in their way, they are not at all amiable company. Pretty tough to do business with a camel in your tent. Think of our governmental as a camel. Once invited in, humps follow nose, and trying to do business with a camel stomping around in your tent becomes almost...By: Crunched Credit
Senate Banking Committee Releases Discussion Draft of the Responsible Financial Innovation Act of 2025
On September 5, 2025, the Senate Banking Committee released a 182-page discussion draft of the Responsible Financial Innovation Act of 2025 ("RFIA draft") outlining a proposed digital asset market structure. The Senate Banking Committee previously issued a shorter 32-page initial discussion draft in July, which had built upon the Digital Asset Market Clarity Act of 2025 ("CLARITY Act") passed by the House of Representatives......By: Davis Wright Tremaine LLP
[Video] Daily Compliance News: September 10, 2025, The All FT Edition
Welcome to the Daily Compliance News. Each day, Tom Fox, the Voice of Compliance, brings you compliance-related stories to start your day. Sit back, enjoy a cup of morning coffee, and listen in to the Daily Compliance News. All, from the Compliance Podcast Network. Each day, we consider four stories from the business world, including compliance, ethics, risk management, leadership, or general interest, relevant to the compliance professional. Top stories include: • Why would a foreign company...By: Thomas Fox - Compliance Evangelist
Mid-2025 Debt Markets: What Borrowers and Lenders Need to Know
On July 22, 2025, PitchBook published the latest Midyear Outlook: US Leveraged Loan and Private Credit report offering insights into key trends shaping the leveraged loan and private credit markets during the first half of 2025. Below is a summary of the main themes and market dynamics that borrowers and lenders should keep in mind as they navigate dealmaking, refinancings, and capital allocation decisions in the second half of 2025 and beyond....By: Goulston & Storrs PC
BIS Innovation Hub Launches Project Keystone for ISO 20022 Payments
The BIS Innovation Hub London Centre, in collaboration with the Bank of England, has announced the launch of Project Keystone, an initiative exploring how technology can enhance the analytical use of ISO 20022 data. 93% of payment system operators have either implemented or are preparing to implement ISO 20022. Project Keystone aims to support this transition by offering a standardised data analytics platform focused on ISO 20022 data....By: A&O Shearman
The Importance of Fairness: Legal Lessons from Petrofac for Shipping and Energy Company Restructurings
The English Court of Appeal (COA) in Re Petrofac Limited & Petrofac International (UAE) LLC [2025] EWCA Civ 821 ruled on one of the most significant restructuring rulings since Virgin Active and Thames Water. Petrofac, an oilfield services group, proposed two interconnected restructuring plans in December 2024 under Part 26A of the Companies Act 2006 (Part 26A) to tackle more than US$1.1 billion of secured debt and raise approximately US$300-350 million in new financing....By: Haynes Boone
IWG Response to FCA Feedback on Its Final Report on Credit Information Market Study
The Interim Working Group (IWG) advising on the UK Financial Conduct Authority's (FCA) Credit Information Market Study has issued a formal response to the FCA's feedback on its final report regarding the establishment of the Credit Information Governance Body (CIGB)....By: A&O Shearman
Summary of June 2025 Annual General Shareholder Meeting Season Shareholder Proposals
According to the news reports, during the June 2025 annual general meeting season, shareholders made a total of 399 proposals to 114 Japanese publicly listed companies. This marks the fourth consecutive year of record-breaking numbers. According to our calculations, among the companies that received proposals, a total of 146 proposals were submitted by institutional investors including activists....By: White & Case LLP
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