News from the economy, politics and the financial markets
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PCAOB Delays Implementation of QC 1000 Until December 2026
The Public Company Accounting Oversight Board (PCAOB) announced yesterday that the effective date for QC 1000, A Firm’s System of Quality Control, would be delayed until December 15, 2026, though audit firms may elect to comply with the requirements earlier (other than with respect to reporting to the PCAOB as required under QC 1000)....By: WilmerHale
[Video] College Financial Planning with Jack Wang
In this episode of 'The Sandwich Generation Survival Guide', host Candace Dellacona welcomes Jack Wang, a wealth advisor at Innovative Advisory Group and host of 'The Smart College Buyer' podcast. They discuss Jack's journey from commercial banking to wealth advising with a focus on college financial aid planning. Jack provides in-depth strategies on how families can maximize financial aid, the importance of early planning, and the nuances of different aid sources. They also explore the role of...By: Offit Kurman
The case for payment regulations in the Crown Dependencies
Payments was historically a hidden component of financial services only fully understood by specialists. In the last 20 years, however, it has become a strategic differentiator not just between banks but also between jurisdictions. The EU and UK have payments regulatory frameworks that are already ahead of those in the Crown Dependencies (CDs). Both are in the process of making further improvements to those frameworks....By: Walkers
[Audio] Paddle's Payment Predicament: Unpacking FTC's Compliance Crackdown — Payments Pros – The Payments Law Podcast
In this episode of Payments Pros, hosts Keith Barnett and Carlin McCrory examine the recent $5 million settlement between the Federal Trade Commission (FTC) and Paddle.com, a UK-based payment processor. The discussion centers on the FTC's allegations against Paddle for violating the Restore Online Shoppers' Confidence Act (ROSCA) and the Telemarketing Sales Rule (TSR). Paddle's practice of aggregating merchant transactions under its own name led to significant compliance issues with card network...By: Troutman Pepper Locke
Open Call: CFPB Seeks Comments on New Section 1033 Open Banking Rule
The first step in the future of open banking under the Dodd-Frank Wall Street Reform and Consumer Protection Act ("Dodd-Frank" or the "Act") is here: in a notice posted August 22, 2025 (the "Notice"), the Consumer Financial Protection Bureau ("CFPB") invited comments on its open banking rule, through which the CFPB implements the requirements of Section 1033 of the Act. The CFPB intends to move quickly and intentionally, as the notice provides for a 60-day comment period and focuses its feedback...By: Saul Ewing LLP
Public Companies Quarterly Update (Q2 2025)
Welcome to Saul Ewing's Public Companies Quarterly Update series. Our intent is to, on a quarterly basis, highlight important legal developments of which we think public companies should be aware....By: Saul Ewing LLP
Russia/Ukraine Sanctions Update - Month of August 2025
I. U.S. SANCTIONS - U.S. Department of the Treasury Sanctions Russian Cryptocurrency Exchange: On August 14, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) re-designated the cryptocurrency exchange, Garantex Europe OU (“Garantex”), determined to have directly facilitated notorious ransomware actors and other cybercriminals by processing over $100 million in transactions linked to illicit activities, since 2019....By: Mayer Brown
UK FCA Continues to Simplify Supervisory Communications
The UK Financial Conduct Authority (FCA) has confirmed further steps to simplify its supervisory communications, building on its April announcement and aligning with its Consumer Duty Requirements Review. The FCA confirms it will simplify multi-firm and thematic reviews, labelling those published before 2022 as "historical"....By: A&O Shearman
Eye on Economic Crime: HMRC Brings Forward First Corporate Prosecution Under Failure to Prevent Tax Evasion Offence
On 11 August 2025, HM Revenue & Customs ("HMRC") initiated its first corporate prosecution under the failure to prevent the facilitation of tax evasion offence, which was introduced by the Criminal Finances Act 2017. Bennett Verby Ltd, a Stockport-based accountancy firm, and six individuals, including a former director, were charged in connection with an alleged research and development ("R&D") tax credit repayment fraud....By: Mayer Brown
District Court Allows Federal TILA and Maryland Consumer Loan Law Claims to Move Forward Against Earned Wage Access Provider
On August 8, the U.S. District Court for the District of Maryland issued an opinion partially granting an earned wage access (EWA) provider’s motion to dismiss that challenged whether the company operated as an unlicensed lender in violation of the Maryland Consumer Loan Law (MCLL), charged unlawful fees, and failed to comply with disclosure obligations under the Truth in Lending Act (TILA). Plaintiffs also alleged the company violated the Maryland Consumer Protection Act’s (MCPA) prohibition on...By: Sheppard Mullin Richter & Hampton LLP
FATF Announce the Launch of New NRA Toolkit for AML/CFT Measures
The Financial Action Task Force (FATF) has announced the launch of a new National Risk Assessment (NRA) toolkit aimed at enhancing countries' ability to identify and address money laundering risks. The toolkit supports a risk-based approach aligned with FATF Standards and provides cross-country insights into predicate offences, laundering methods, and proceeds of crime. It focuses on four priority areas that are currently consistently challenging to assess, including: corruption, virtual assets...By: A&O Shearman
CFPB Proposes Rule Narrowing Nonbank Supervisory Authority Under CFPA
On August 26, 2025, the CFPB published a notice of proposed rulemaking to narrow the scope of its authority to designate nonbanks for supervision under the Consumer Financial Protection Act (CFPA). The proposal follows earlier announcements by the Bureau that it would reassess its use of this authority (previously discussed here)....By: Sheppard Mullin Richter & Hampton LLP
Horizon - ESG Regulatory News and Trends - August 2025
Welcome to Horizon, DLA Piper’s monthly bulletin reporting on late-breaking legislative and policy developments in ESG. Our aim is to scan the litigation, enforcement, and regulatory horizon to help inform business decisions....By: DLA Piper
UK FCA Issues Statement on Workplace Savings Schemes
The UK Financial Conduct Authority (FCA) has issued a statement alongside a press release aimed at clarifying the rules surrounding workplace savings schemes. These schemes, which allow employees to save directly from their salary via payroll, are seen as a tool to enhance financial resilience and support economic growth....By: A&O Shearman
Illinois Proposes Regulations for Shared Appreciation Agreements Under the Residential Mortgage License Act
On August 15, the Illinois Department of Financial and Professional Regulation proposed regulations to implement recent amendments to the Residential Mortgage License Act of 1987 (RMLA) covering “shared appreciation agreements.” The proposed revisions treat these agreements as residential mortgage loans subject to RMLA licensing and compliance requirements....By: Sheppard Mullin Richter & Hampton LLP
California Finalizes New CCPA Rules on ADMT, Cybersecurity Audits, and Risk Assessments
On July 24, the California Privacy Protection Agency (CPPA) approved a major rule package covering automated decision-making technology (ADMT), mandatory cybersecurity audits, and privacy risk assessments under the California Consumer Privacy Act (CCPA). The package narrows the definition of ADMT to tools that replace human decision making for significant decisions in areas like lending, housing, employment, education, and health care....By: Sheppard Mullin Richter & Hampton LLP
CFPB Returns to Rulemaking on Personal Financial Data Rights Rule 1033
On August 22nd, the Consumer Financial Protection Bureau (the “CFPB”) published an advanced notice of proposed rulemaking (an “ANPR”) relating to a reconsideration of the CFPB’s current Personal Financial Data Rights Rule (the “Current PFDR Rule”) that had been previously released in late 2024 pursuant to the authority of Section 1033 of the Dodd-Frank Act....By: Moore & Van Allen PLLC
Revisiting the State of the Law in ERISA Forfeitures Cases
On July 14, 2025, we published a detailed Legal Update describing the state of the law with respect to the ongoing wave of ERISA forfeiture lawsuits. This Legal Update analyzes the material developments that we have seen over the past six weeks, which include additional motion to dismiss rulings and a growing number of pending appeals....By: Mayer Brown
Wyoming Launches First State-Issued Stable Token
On August 19, the Wyoming Stable Token Commission announced the launch of the Frontier Stable Token (FRNT), making Wyoming the first public entity in the United States to issue a state-backed, blockchain-based stablecoin. The program is authorized under the Wyoming Stable Token Act and chaired by Governor Mark Gordon....By: Sheppard Mullin Richter & Hampton LLP
Artificial Intelligence for RIAs: Compliance Considerations and Practical Policies
The use of artificial intelligence (“AI”) notetakers, while beneficial for productivity, raises significant concerns around privacy, security, and compliance. These risks are at the center of Brewer v. Otter.ai, a lawsuit filed on August 15, 2025, which claims Otter.ai unlawfully recorded conversations on popular video conferencing platforms without all participants’ consent and used the data to train its machine-learning models....By: Stark & Stark
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