News from the economy, politics and the financial markets
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A Change in Course: FSOC’s 2025 Annual Report Signals That Deregulation in the Financial Industry is Ahead
The Financial Stability Oversight Council (FSOC) issued its 2025 Annual Report on December 11. The 2025 Annual Report, among other things, highlights four key areas of focus for 2026: strengthening the U.S. Treasury market, improving cybersecurity, enhancing supervisory and regulatory frameworks for depository institutions, and using artificial intelligence (AI) to strengthen financial stability....By: BakerHostetler
ISDA Publishes EU Guarantee of Origin Annex
The Situation: Demand for standardized documentation to support trading in EU guarantees of origin has grown alongside the desire in the public and private sectors to reduce carbon emissions and transition to cleaner energy. The Development: The International Swaps and Derivatives Association ("ISDA") is launching and publishing the ISDA EU Guarantee of Origin Annex ("ISDA GO Annex"). Looking Ahead: The ISDA GO Annex establishes a standardized framework to enable market participants to...By: Jones Day
BoE Publishes 2025 CCP Stress Test Results
The Bank of England (BoE) has published its report on the results of its stress test of central counterparties (CCPs). The BoE conducts regular stress tests of UK CCPs to assess their financial resilience and identify potential areas of risk, using a market stress scenario designed by the BoE to replicate an extreme, but plausible, hypothetical scenario including Bank-specified shocks to market prices and rates across asset classes and products....By: A&O Shearman
Crypto Brief - Lowenstein Crypto Newsletter - December 18, 2025
On Dec. 17, the Securities and Exchange Commission’s (SEC) Division of Trading and Markets released a statement (the Statement) providing clarity on whether a broker-dealer has “physical possession” of a crypto asset security under Rule 15c3-3 under the Securities Exchange Act of 1934, as amended (Rule 15c3-3). Under Rule 15c3-3, a broker-dealer is required to obtain physical possession or control of all fully paid and excess margin securities it carries for the account of customers....By: Lowenstein Sandler LLP
Michael Selig Confirmed as CFTC Chairman: Six Issues to Watch in 2026
Michael Selig was confirmed by the US Senate on Thursday, December 18, 2025, and he will soon be sworn in as the 15th Chairman of the Commodity Futures Trading Commission (CFTC)....By: WilmerHale
Democratic AGs Urge CFPB to Retain Rules Preventing Credit Discrimination
A group of 21 Democratic AGs submitted a comment letter to the CFPB opposing a proposed rule that would rescind or revise key provisions of Regulation B implementing the Equal Credit Opportunity Act (ECOA)....By: Cozen O'Connor
FinCEN Assesses $3.5 Million Penalty Against Virtual Asset Platform for Alleged BSA Violations
On December 9, FinCEN announced a consent order imposing a $3.5 million civil money penalty on a peer-to-peer virtual asset trading platform, alleging willful violations of the Bank Secrecy Act. FinCEN alleged that the platform’s compliance failures allowed it to process substantial volumes of transactions connected to criminal activity, sanctions exposure, and other high-risk conduct over an extended period....By: Sheppard Mullin Richter & Hampton LLP
Federal Cannabis Rescheduling Creates New Banking Opportunities
Thursday, December 18, 2025, President Donald Trump signed an executive order to expedite the reclassification of cannabis. The executive order directed agencies to begin moving forward with the plan to transfer cannabis from Schedule I to Schedule III of the Controlled Substances Act (CSA). Under the CSA, cannabis is currently considered a Schedule 1 drug, along with heroin, LSD and ecstasy, which are not considered to have any acceptable medical use, according to the Drug Enforcement...By: Buchalter
More Bank Charters, More Clarity
The OCC has granted conditional approval for five national trust bank (NTB) charters for institutions that will focus on innovative digital asset products and services. The approvals come at the end of the first year of the second Trump administration, as a wave of applicants seek the NTB charter for its federal preemption benefits and broad powers, and in anticipation of future GENIUS Act compliance. We expect OCC approvals for NTBs to continue and more applicants to pursue the strategy....By: Davis Wright Tremaine LLP
President Trump Accelerates Marijuana Rescheduling and Expands Access to CBD
In a major shift in federal drug policy, President Donald Trump signed an executive order (EO), directing the attorney general to reschedule marijuana from Schedule I to Schedule III under the Controlled Substances Act (CSA)....By: Brownstein Hyatt Farber Schreck
Foreign sovereign investors alert – Review investment portfolios in light of newly issued section 892 regulations
On December 15, 2025, the Treasury and IRS published final and temporary regulations (TD 10042) and proposed regulations (REG-101952-24) under section 892 of the Internal Revenue Code (Code) that will affect how foreign governments structure their investments in US debt and evaluate control of a commercial entity. The proposed regulations (Proposed Regulations) create a rebuttable presumption that all debt acquisitions are to be treated as commercial activities and address when a foreign...By: Eversheds Sutherland (US) LLP
Coming Soon: Section 16 Reporting Obligations for Directors and Officers of Foreign Private Issuers
On December 18, 2025, President Trump signed the annual defense bill, aptly named the National Defense Authorization Act for Fiscal Year 2026 (the NDAA), into law. Buried in the NDAA, beginning on page 2718, congressional lawmakers included the "Holding Foreign Insiders Accountable Act" (the HFIAA). The HFIAA for the first time imposes the reporting obligations under Section 16 of the U.S. Securities Exchange Act of 1934 (the Exchange Act) on directors and officers of Foreign Private Issuers...By: Katten Muchin Rosenman LLP
Colorado “Opt-Out” Litigation – Petition for Rehearing En Banc And Amicus Briefs in Support
As we previously reported, on November 10, 2025 the Tenth Circuit rendered its 2-1 decision in National Association of Industrial Bankers v. Weiser. It held that a loan is “made” for purposes of the opt-out provision in Section 525 of DIDMCA in both the state where the bank is located and the borrower’s state, meaning that Colorado’s usury limits will apply to interstate loans made to Colorado residents by out-of-state state-chartered depository institutions....By: Ballard Spahr LLP
CFPB Finalizes 2026 Increase to Fair Credit Reporting Act Disclosure Fee Cap
On December 15, the CFPB issued a final rule amending Regulation V under the Fair Credit Reporting Act to update the maximum amount a consumer reporting agency may charge a consumer for certain file disclosures. The amendment implements FCRA’s annual inflation adjustment requirement and sets the ceiling for calendar year 2026....By: Sheppard Mullin Richter & Hampton LLP
UK FCA Discussion Paper On Expanding Consumer Access To Investments
The UK Financial Conduct Authority (FCA) has published discussion paper DP25/3 as part of a set of publications forming a "landmark package to boost UK investment culture." The FCA is seeking views on how its regulatory framework can better support informed risk-taking and consumer confidence in retail investments. This work forms part of its wider five-year strategy to help consumers navigate their financial lives....By: A&O Shearman
NCUA Launches Deregulation Project and Proposes Four Rules to Streamline Credit Union Regulations
On December 10, 2025, the National Credit Union Administration announced a new Deregulation Project and issued the first package of proposed rules aimed at streamlining its regulatory framework for federally insured credit unions under the Federal Credit Union Act....By: Sheppard Mullin Richter & Hampton LLP
UK FCA Consultation On Client Categorisation And Conflicts Of Interest
The UK Financial Conduct Authority (FCA) has published consultation paper CP25/36 as part of a set of publications forming a "landmark package to boost UK investment culture." The consultation sets out proposals to enhance client classification, creating a clearer boundary between retail and professional investors, and ensuring firms operating in wholesale markets are regulated proportionately and can operate with confidence when they are dealing with professional clients. Key proposals in...By: A&O Shearman
CFTC Rolls Out Digital Asset Collateral Pilot, Issues Tokenized Collateral Guidance, and Withdraws Prior Virtual Currency Advisory
On December 8, the CFTC announced a series of staff actions addressing the use of digital assets and tokenized assets as collateral in regulated derivatives markets. The actions include issuance of staff guidance on tokenized collateral, a staff no-action letter applicable to futures commission merchants, and withdrawal of a prior staff advisory related to virtual currencies held in segregation....By: Sheppard Mullin Richter & Hampton LLP
[Video] Compliance Tip of the Day – Investigative Challenges
Welcome to “Compliance Tip of the Day,” the podcast that brings you daily insights and practical advice for navigating the ever-evolving landscape of compliance and regulatory requirements. Whether you’re a seasoned compliance professional or just starting your journey, we aim to provide you with bite-sized, actionable tips to help you stay on top of your compliance game. Join us as we explore the latest industry trends, share best practices, and demystify complex compliance issues to keep your...By: Thomas Fox - Compliance Evangelist
CFPB and Federal Reserve Finalize 2026 Inflation Adjustments to Consumer Leasing and Truth in Lending Coverage Thresholds
On December 15, the Board of Governors of the Federal Reserve System and the CFPB issued joint final rules amending the official interpretations to their regulations implementing the Consumer Leasing Act and the Truth in Lending Act. The amendments reflect the annual inflation adjustment required by statute and increase the exemption thresholds effective January 1, 2026....By: Sheppard Mullin Richter & Hampton LLP
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