News from the economy, politics and the financial markets
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Shareholder Activism in the Banking Sector: Current State of Play
Shareholder activism in the banking sector is on the rise in the United States. To date in 2025, there have been 13 activism campaigns against banks, already surpassing the 10 campaigns from 2024. Importantly, 10 of the 13 campaigns have occurred since late July. With a market that is conducive to bank M&A, publicly traded banking organizations need to prepare for shareholder activism....By: Paul Hastings LLP
CFPB Rescinds Nonbank Registration Rule
On October 29, the Consumer Financial Protection Bureau (CFPB or Bureau) officially rescinded its rule requiring nonbank entities to register certain agency and court orders with the Bureau. This decision follows a proposal made earlier this year, which highlighted concerns about the regulatory burden and costs imposed on nonbank entities, which could ultimately affect consumers....By: Troutman Pepper Locke
Oklahoma enacts new licensing and compliance requirements for digital asset kiosk operators
On October 15, the Oklahoma State Banking Department issued a memo outlining new requirements stemming from the May 29 enactment of SB 1083, requiring all digital asset kiosk operators to be licensed as money transmitters under the Oklahoma Financial Transaction Reporting Act, effective November 1....By: Orrick, Herrington & Sutcliffe LLP
FinCEN issues new Financial Trend Analysis identifying $9B in Iranian shadow banking activity in 2024
On October 23, FinCEN released a new Financial Trend Analysis identifying approximately $9 billion in potential Iranian shadow banking activity that flowed through U.S. correspondent accounts in 2024. The analysis, based on Bank Secrecy Act filings from U.S. financial institutions, found that Iran leveraged complex networks of exchange houses and foreign front companies to evade sanctions, sell oil and other commodities abroad, launder money, and fund its military and weapons programs....By: Orrick, Herrington & Sutcliffe LLP
FinCEN Releases Data Showing $9 Billion in Iranian Shadow Banking Activity
On October 23, 2025, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) issued a Financial Trend Analysis (“FTA”), identifying $9 billion of potential Iranian shadow banking activity in 2024, based on reporting from U.S. financial institutions. Treasury issues FTAs periodically with threat pattern and trend information derived from Bank Secrecy Act (BSA) filings, pursuant to section 6206 of the Anti-Money Laundering Act of 2020 (AMLA)....By: Ballard Spahr LLP
FINRA outlines its goals using AI
On October 28, FINRA detailed how it has used AI and GenAI technologies to help it oversee the securities markets. FINRA reported the rollout of new GenAI-enabled tools, such as an internal large language model chat system and automated solutions for reviewing feedback on rule proposals, which FINRA estimated would lead to thousands of hours in efficiency gains annually....By: Orrick, Herrington & Sutcliffe LLP
Senators pen letter to CFPB’s Vought over comments and funding
On October 27, 11 democratic senators from the U.S. Senate Committee on Banking, Housing, and Urban Affairs released a letter expressing concern over CFPB Acting Director Russell Vought’s recent public statement that he intended to “close down” the CFPB “within the next two or three months.” The letter described the comments as “particularly concerning given that a federal court has specifically blocked” leadership from closing the CFPB, and pointed out statements made by the administration in...By: Orrick, Herrington & Sutcliffe LLP
FCA Updates Treasury Select Committee on Non-Financial Misconduct: Now is The Time to Take Action
On October 16, the Financial Conduct Authority (FCA) sent a letter to the Treasury Select Committee providing an update on its approach to non-financial misconduct (NFM) and a response to an earlier letter from the Committee to the FCA. Key points for asset managers include: NFM is a regulatory issue: The FCA is clear that NFM is a regulatory issue that engages its statutory objectives....By: Ropes & Gray LLP
District court grants final approval to class action after data breach
Recently, the U.S. District Court for the Eastern District of Pennsylvania granted final approval of a class action settlement arising from a data breach that occurred in February 2023. The court found the settlement fair, reasonable and adequate, and in the best interests of the class following a final approval hearing....By: Orrick, Herrington & Sutcliffe LLP
[Video] FCPA Compliance Report - Navigating the Complexities of Self-Disclosure Amidst Political and Legal Uncertainties
In this episode, Tom Fox welcomes back Hughes Hubbard partner Mike DeBernardis to explore the unprecedented criminal indictment of Smartmatic and its implications on self-disclosure policies under the current administration. They discuss the rare occurrence of a company facing criminal charges and how it complicates the risk assessment for potential self-disclosure. The conversation covers the unpredictable nature of DOJ actions, the impact of political influence, and the challenges this...By: Thomas Fox - Compliance Evangelist
The $1,000 Boost and the 2026 Catch-Up Curveball
As we peer into the not-too-distant horizon of 2026, the forecasted changes to 401(k) contribution rules demand the attention of every plan sponsor, fiduciary, and serious saver. These aren’t cosmetic tweaks — they represent structural shifts. Ignore them at your peril....By: Ary Rosenbaum - The Rosenbaum Law Firm P.C.
[Video] Compliance Tip of the Day – NBA Betting Scandal-Introduction
Welcome to “Compliance Tip of the Day,” the podcast where we bring you daily insights and practical advice on navigating the ever-evolving landscape of compliance and regulatory requirements. Whether you’re a seasoned compliance professional or just starting your journey, our aim is 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...By: Thomas Fox - Compliance Evangelist
[Video] Daily Compliance News: November 3, 2025, The World Athletics 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 to the Daily Compliance News—all from the Compliance Podcast Network. Each day, we consider four stories from the business world: compliance, ethics, risk management, leadership, or general interest, all relevant to the compliance professional. Top stories include: • Financial fraud hits World Athletics....By: Thomas Fox - Compliance Evangelist
[Video] AI Today in 5: November 3, 2025, The AI Compliance Officer Edition
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 to 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 that pertain to AI. Top AI stories include: • AI is making death threats more realistic. (NYT):...By: Thomas Fox - Compliance Evangelist
Brussels Regulatory Brief: September/October 2025
Antitrust and Competition - European Commission Accepts Commitments to Address Bundling Concerns in the Tech Sector - On 12 September 2025, the European Commission (Commission) accepted legally binding commitments offered by a tech company to address concerns related to a possible abuse of dominant position by tying its communication and collaboration platform to its operating system and applications for business customers....By: K&L Gates LLP
UK Financial Insights from Katten | Issue 27
FCA Sets Out T+1 Settlement Expectations for UK Asset Managers and Alternative Firms - On 23 October 2025, the Financial Conduct Authority (FCA) published a letter directed at firms within its Asset Management and Alternative Firms portfolio, setting out expectations for the UK's transition from T+2 to T+1 securities settlement on 11 October 2027. The Letter follows the Accelerated Settlement Taskforce's (AST) February 2025 Implementation Plan and signals regulatory concern that smaller firms...By: Katten Muchin Rosenman LLP
[Video] Sunday Book Review: November 2, 2025, The Tackling Climate Change Edition
In the Sunday Book Review, Tom Fox considers books that would interest compliance professionals, business executives, or anyone with a curiosity. It could be books about business, compliance, history, leadership, current events, or any other topic that might interest Tom. Today, we review four top books on tackling climate change. • Cleaning the Air by Hannah Ritchie • Rooted in Change by Jane Masters and Andrew Neather • The New Global Possible by Ani Dasgupta • The Growth Story of the 21st...By: Thomas Fox - Compliance Evangelist
[Video] 10 For 10: Top Compliance Stories For the Week Ending, November 1, 2025
Welcome to 10 For 10, the podcast that brings you the week’s Top 10 compliance stories in one podcast each week. Tom Fox, the Voice of Compliance, brings to you, the compliance professional, the compliance stories you need to be aware of to end your busy week. Sit back, and in 10 minutes, hear about the stories every compliance professional should be aware of from the prior week. Every Saturday, 10 For 10 highlights the most important news, insights, and analysis for the compliance professional,...By: Thomas Fox - Compliance Evangelist
The Evolution of Defined Contribution Plan Class Action Litigation in 2025
We are entering the home stretch of a memorable year. While benefits litigation may not be the first thing that comes to mind, it has been a very busy year for ERISA class actions, particularly for defined contribution plans (including 401(k) and 403(b) plans). 2025 has seen an increase in class action lawsuits targeting defined contribution plans—catalyzed by the ongoing wave of new forfeiture lawsuits....By: Mayer Brown
Investment Management Client Alert October 2025
ESMA and EBA Publish Proposals for IFD Review - On 15 October 2025, the European Securities and Markets Authority (ESMA) and the European Banking Authority (EBA) presented their report with proposals for revising the Investment Firms Directive (IFD) and the associated regulation (IFR) (IFD Review)....By: K&L Gates LLP
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