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When Everyone Wants Cert: The U.S. Supreme Court May Finally Resolve the SEC Disgorgement Circuit Split
The U.S. Supreme Court may soon weigh in on one of the most consequential—and unsettled—questions in recent SEC enforcement jurisprudence: whether the Commission may seek disgorgement without proving that investors suffered pecuniary harm....By: Nelson Mullins Riley & Scarborough LLP
CFPB Releases Report on Buy Now, Pay Later Market
On December 10, the CFPB released a report on the buy now, pay later (BNPL) market, leveraging trends and findings from 2019 through 2023. The report found that the BNPL industry continued to expand as a financing option......By: Orrick, Herrington & Sutcliffe LLP
2026 SEC Filing Deadlines and Financial Statement Staleness Dates
This Legal Update summarizes the US Securities and Exchange Commission’s 2026 calendar year filing deadlines and financial statement staleness dates....By: Mayer Brown
Treasury Issues Statement Following EU-U.S. Joint Forum
On December 15, the Treasury issued a joint statement following the EU-U.S. Joint Financial Regulatory Forum held last week in Washington, D.C. The forum hosted participants from the Treasury, the Fed, the CFTC, the FDIC, the OCC, the SEC, their EU counterparts, and emphasized ongoing close engagement across six key areas: developing digital financial innovation; achieving modernization and simplification of banking regulation and supervision; revitalizing capital markets; updates on the Foreign...By: Orrick, Herrington & Sutcliffe LLP
A Year of Change Across Financial Regulation – and What Comes Next, December 2025 - FDIC Proposes Application Framework for Bank-Affiliated Payment Stablecoin Issuers
On December 16, 2025, the FDIC issued a notice of proposed rulemaking to implement the application and approval requirements under the Guiding and Establishing National Innovation for U.S. Stablecoins Act (the “GENIUS Act”) for insured state nonmember banks and state savings associations seeking to issue payment stablecoins through a subsidiary....By: Cadwalader, Wickersham & Taft LLP
Financial Stability Oversight Council Meets, Prioritizes Reducing Burdens and Technological Risks in Annual Report
On December 11, the Treasury announced the approval of the Financial Stability Oversight Council’s (FSOC) annual report, marking a significant shift in the council’s approach to financial stability oversight. In remarks accompanying the report, Treasury Secretary Scott Bessent emphasized that the FSOC is now prioritizing economic growth and economic security as the foundations of financial stability, departing from prior frameworks that broadly labeled many sectors and institutions as...By: Orrick, Herrington & Sutcliffe LLP
SEC Division of Trading and Markets Issues FAQs on Crypto Asset Activities Focusing on Trading and Settlement Issues
On December 17, 2025, the staff of the Division of Trading and Markets (the “Staff”) of the Securities and Exchange Commission (“SEC”) released an update to its May 2025 FAQs relating to crypto asset activities and distributed ledger technology. The additional FAQs focus on trading and settlement issues, including how alternative trading systems (“ATSs”) and national securities exchanges (“NSEs”) can facilitate pairs trading (e.g., where one of the crypto assets is a security and the other is a...By: Mayer Brown Free Writings + Perspectives
CFTC Amends Enforcement Rules to Enhance ‘Due Process’ and Transparency in Wells Process
On December 1, the CFTC announced a final rule amending its Rules of Practice and Rules Relating to Investigations. Acting Chair Caroline Pham stated the revised rules intend to “enhance the transparency of the Commission’s enforcement actions” and “enhance due process when the Division of Enforcement notifies persons who may be named in an enforcement action (Wells Process).”...By: Orrick, Herrington & Sutcliffe LLP
Banking Agencies Update Exemption Thresholds for Smaller Loans
On December 16, the OCC, the Fed, and the CFPB published a final rule in the Federal Register raising the TILA exemption threshold for smaller loans from $33,500 to $34,200. The final rule will go into effect January 1, 2026....By: Orrick, Herrington & Sutcliffe LLP
HUD Reopens Comment Period on Future of Home Equity Conversion Mortgage and Securities Programs on Such
On December 10, HUD published a notice in the Federal Register stating it was reopening the public comment period for its request for information on the home equity conversion mortgage (HECM) program and HECM mortgage-backed securities program (previously covered by InfoBytes here)....By: Orrick, Herrington & Sutcliffe LLP
CFPB Issues 2026 Inflation Adjustments for Regulation Z Thresholds
On December 15, the CFPB issued a final rule in the Federal Register its annual inflation adjustments for dollar thresholds under Regulation Z, which implements TILA. The final rule, effective January 1, 2026, updated various thresholds for open-end consumer credit, Home Ownership and Equity Protection Act of 1994 (HOEPA), and qualified mortgage provisions based on inflation....By: Orrick, Herrington & Sutcliffe LLP
CFPB Raises Maximum Charge for Credit File Disclosures to $16
On December 15, the CFPB issued a final rule in the Federal Register adjusting the maximum allowable charge for consumer file disclosures under the FCRA, as implemented by Regulation V. The final rule, effective January 1, 2026, stated consumer reporting agencies may charge up to $16 for such disclosures...By: Orrick, Herrington & Sutcliffe LLP
FHFA Announces AI Governance Framework in Bulletin
Recently, the FHFA issued Bulletin 2025-16 announcing a comprehensive governance framework for AI and machine learning (ML) systems. The updated guidance establishes requirements and best practices in Sections 1302.2 and 1302.8 of the guide to ensure “transparency, accountability and ethical stewardship” in AI and ML initiatives....By: Orrick, Herrington & Sutcliffe LLP
SEC Staff Statement on Broker-Dealer Custody (“Physical Possession”) of Crypto Asset Securities
On December 17, 2025, the Staff of the Division of Trading and Markets (the “Division”) of the U.S. Securities and Exchange Commission (“SEC”) issued a statement explaining its views on the application of paragraph (b)(1) of SEC Rule 15c3-3 to broker-dealers seeking to establish custody of crypto asset securities....By: Mayer Brown Free Writings + Perspectives
FDIC Proposes Application Requirements for Banks Seeking to Issue Stablecoins Under the GENIUS Act
On December 16, the FDIC announced the approval of an NPRM issued in the Federal Register that would establish an application process under the GENIUS Act for FDIC-supervised state nonmember banks and savings associations seeking to issue payment stablecoins through subsidiaries....By: Orrick, Herrington & Sutcliffe LLP
Observations on the SEC’s 2026 Examination Priorities
The SEC’s Division of Examinations (the “Division”) recently announced its examination priorities (“Exam Priorities”) for fiscal year 2026. In this eUpdate, we share some key observations on the Exam Priorities that impact SEC-registered investment advisers (“advisers”). ...By: Dorsey & Whitney LLP
Artificial Intelligence in Investment Management: Regulatory Challenges and Fiduciary Implications
Artificial intelligence (AI) has rapidly transitioned from a niche analytical tool to a core component of modern investment management. Asset managers are increasingly using machine learning and data-driven systems to analyze markets, optimize portfolios, and identify investment opportunities....By: Venable LLP
FPI Directors and Officers To Be Subject to Section 16(a)
On December 18, 2025, President Trump signed the National Defense Authorization Act (“NDAA”) into law. Among its many provisions, Section 8103—titled the “Holding Foreign Insiders Accountable Act”—introduces a significant development for foreign private issuers (“FPIs”)....By: Goodwin
Structuring credit agreement flexibility for venture backed borrower "secondaries"
Secured lenders are seeing increased demand from borrowers to execute secondary transactions in the venture lending space. While these transactions can raise concerns regarding control over leverage, investor support, and protecting collateral value, they can be compatible with prudent credit risk management if the credit agreement architecture anticipates them....By: DLA Piper
Bye-Bye 280E: New Executive Order Concerning Cannabis Rescheduling
In a historic development, on December 18, 2025, President Donald Trump signed an Executive Order entitled “Increasing Medical Marijuana And Cannabidiol Research,” directing Attorney General Pam Bondi to “take all necessary steps to complete the rulemaking process related to rescheduling marijuana to Schedule III of the CSA.”...By: Goodwin
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