News from the economy, politics and the financial markets
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OCC Settles with Bank Over Alleged BSA/AML Violations
On October 16, the OCC announced a formal agreement with a national bank in Florida for alleged unsafe or unsound practices related to board oversight, corporate governance, strategic and capital planning, and compliance with the Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) requirements. The OCC also alleged violations involving the Suspicious Activity Reports rule under the Bank Secrecy Act and the due diligence program requirements for correspondent accounts for foreign financial...By: Sheppard Mullin Richter & Hampton LLP
The Financial Services and Markets Act 2023 (Commencement No. 11 and Saving Provisions) Regulations 2025 Published
The Financial Services and Markets Act 2023 (Commencement No.11 and Saving Provisions) Regulations 2025 were made and have been published. These Regulations are the eleventh commencement regulations made under the Financial Services and Markets Act 2023 (FSMA 2023). The Regulations continue the process of revoking certain pieces of retained EU law relating to financial services and restating them into UK domestic law, including through regulator-made rules....By: A&O Shearman
NCUA Proposes Rule Prohibiting Use of Reputation Risk in Supervision
On October 21, 2025, the National Credit Union Administration (NCUA) announced a proposed rule to formally remove “reputation risk” from its supervisory framework under the Federal Credit Union Act. The proposal would amend Parts 702 and 791 of the NCUA’s regulations to prohibit the agency from taking adverse action against a federally insured credit union based on reputation risk....By: Sheppard Mullin Richter & Hampton LLP
Delegated Regulation on RTS for Materiality Assessment for Alternative Internal Model Changes Under CRR Published in OJ
Delegated Regulation (EU) 2025/1311 supplementing the Capital Requirements Regulation (Regulation (EU) No 575/2013) (CRR) has been published in the Official Journal of the European Union (OJ). The Delegated Regulation sets out regulatory technical standards (RTS) specifying the materiality assessment of extensions, and changes to, the use of alternative internal models and changes to the subset of modellable risk factors....By: A&O Shearman
CFPB terminates 2023 consent order against national bank
On October 16, the CFPB terminated a 2023 consent order against a national bank, exercising its authority to end the order early after confirming the institution had “fulfilled certain obligations,” including paying the civil money penalty and making redress payments. The order was originally set to terminate five years after the original November 2023 order. As previously covered by InfoBytes, the original order required the bank to pay a $24.5 million civil money penalty, provide $1.4 million...By: Orrick, Herrington & Sutcliffe LLP
District Court Denies Arbitration of Service Members’ Class Action Claims Under Military Lending Act Holding That Earned Wage Access Constitutes Extension of Consumer Credit
On October 7, the U.S. District Court for the Northern District of California denied a fintech company’s motion to compel arbitration in a putative class action. The plaintiffs, both servicemembers, allege that the company’s earned wage access (EWA) product violates the Military Lending Act (MLA), the Truth in Lending Act (TILA), and the Georgia Payday Lending Act (GPLA)....By: Sheppard Mullin Richter & Hampton LLP
UK PSR Consults on Methodology for Developing a Price Cap Remedy
The UK Payment Systems Regulator (PSR) has published consultation paper MR22/2.8 on a methodology for developing a price cap on multilateral interchange fees (MIFs) for UK-EEA card-not-present (CNP) outbound transactions. The PSR's 2024 final report found that interchange fees on UK-EEA CNP outbound transactions had increased to unduly high levels and were detrimental to UK merchants and consumers. The PSR proposes using the Merchant Indifference Test (MIT) as a starting point....By: A&O Shearman
Fed’s Barr highlights gaps in GENIUS Act for regulators to bridge
On October 16, Fed Governor Michael Barr spoke on the rapid pace of payments innovation, highlighting both the opportunities and risks presented by technologies such as stablecoins, AI, and real-time payments....By: Orrick, Herrington & Sutcliffe LLP
[Podcast] Fully Invested: Key Features and Developments in ‘34 Act Funds
In this episode of Ropes & Gray’s Fully Invested podcast series, asset management partner Jessica Marlin and capital markets counsel Marc Rotter discuss the rise of ‘34 Act funds and what sets them apart in today’s investment landscape. The conversation explores how these unique vehicles are expanding opportunities for asset managers and investors, and delves into the regulatory and structural features that distinguish them from traditional private funds. The episode provides insight into...By: Ropes & Gray LLP
Federal Reserve Governor Waller Proposes “Payment Accounts”: A Potential New On-Ramp for Payments Innovators
In an October 21, 2025, address at the Federal Reserve’s inaugural Payments Innovation Conference, Gov. Christopher Waller outlined a proposal for the creation of a new class of Federal Reserve accounts—referred to as “payment accounts” or “skinny master accounts.”...By: Pillsbury Winthrop Shaw Pittman LLP
DOJ and Treasury act against Southeast Asian scam networks, seize $15B in bitcoin linked to pig-butchering scheme
On October 14, the DOJ announced the unsealing of an indictment charging a Cambodian national as the leader of a transnational criminal organization (TCO) that allegedly operated “forced-labor scam compounds” in Cambodia....By: Orrick, Herrington & Sutcliffe LLP
NCUA publishes proposed rule on eliminating reputation risk
As previously covered by InfoBytes, the NCUA announced last month that, effective immediately, reputation risk would no longer factor into its examinations and supervisory process. The agency is now attempting to codify its decision....By: Orrick, Herrington & Sutcliffe LLP
Prudential regulators rescind interagency climate risk management principles for large banks
On October 16, the Fed, FDIC and OCC issued a joint notice immediately withdrawing their interagency guidance titled “Principles for Climate-Related Financial Risk Management for Large Financial Institutions.” The notice was originally issued in October 2023....By: Orrick, Herrington & Sutcliffe LLP
OCC announces enforcement actions for October 2025, including one formal agreement
On October 16, the OCC announced enforcement actions for October, including one new formal agreement and four terminations of prior agreements. The OCC entered into a formal agreement with a national bank in September after identifying unsafe or unsound practices related to BSA/AML compliance, suspicious activity reporting, and due diligence for correspondent accounts of foreign financial institutions....By: Orrick, Herrington & Sutcliffe LLP
Fed’s Waller speaks on integrating cryptoassets in payments system
On October 21, a member of the Board of Governors for the Fed, Christopher Waller, spoke on integrating new technologies from the decentralized finance and cryptoasset sectors as mainstream payments. The speech emphasized the Fed’s shift to partner with the decentralized finance and cryptoasset industries to guide the future of payment technology, highlighting how distributed ledgers and cryptoassets have become increasingly “woven into the fabric” of payment and financial systems....By: Orrick, Herrington & Sutcliffe LLP
[Webinar] Deal Academy: Contract and financing arrangements in the current real estate market - October 29th, 9:30 am CET
We are delighted to welcome you to our McDermott Deal Academy. In our online seminar, we will focus on current contract and financing structures in the real estate market....By: McDermott Will & Schulte
[Event] 15th Annual New York Forum on Economic Sanctions - December 3rd - 4th, New York, NY
How are multinationals managing sanctions and export control risks in today’s challenging business environment? Attend ACI’s 15th Annual New York Forum on Economic Sanctions to receive the critical information you need to prepare for what’s next in 2026. This premier gathering brings together senior government officials, in-house compliance professionals, outside counsel, and global thought leaders to unpack today’s most complex sanctions challenges....By: American Conference Institute (ACI)
Weekly Blockchain Blog - October 2025 #4
US Digital Asset Companies Launch Products, Announce Acquisitions - According to recent reports, the U.S. Office of the Comptroller of the Currency (OCC) recently granted conditional approval of the de novo bank charter application for Erebor Bank....By: BakerHostetler
FDIC’s Hill highlights lessons from large bank failures and resolution planning reforms
On October 15, Acting FDIC Chair Travis Hill spoke at a European Union-hosted conference about lessons learned from recent large bank issues. Hill emphasized that the FDIC’s experience in 2023 demonstrated the challenges and costs of relying on a post-failure bridge bank, noting the use of these banks are typically undesirable....By: Orrick, Herrington & Sutcliffe LLP
Ninth Circuit vacates its own decision against homeowner agreement, allowing for district court dismissal
On October 17, the U.S. Court of Appeals for the 9th Circuit vacated its own prior decision from August that overturned the lower court’s dismissal of a putative class action brought by two homeowners who alleged violations of Washington State’s Consumer Protection Act....By: Orrick, Herrington & Sutcliffe LLP
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