News from the economy, politics and the financial markets
In this section of our news section we provide you with editorial content from leading publishers.
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Managing Retirement Plan Litigation Risk – Know Your IPS
There are always plenty of new retirement plan investment performance and fee cases, and it’s hard for a plan sponsor, even one that is doing everything properly, to be assured that it won’t be the target of a lawsuit....By: Stinson - Benefits Notes Blog
UK Pensions: DC Trustee Agenda Update—September 2025
Welcome to our monthly update on current legal issues for trustees of DC pension schemes, designed to help you stay up to date with key developments between trustee meetings and to support the legal update item on your next trustee agenda. We have a separate update for DB/hybrid schemes....By: A&O Shearman
CFPB Terminates Investigation Into BNPL Firearms Financing Provider, Citing Political Bias
On August 19, 2025, the CFPB announced that it had closed a multi-year investigation into a fintech company offering buy-now, pay-later financing for firearms. The Bureau stated that the matter would not proceed to settlement or litigation....By: Sheppard Mullin Richter & Hampton LLP
UK Financial Ombudsman Service Funding Model Proposals
The UK Financial Ombudsman Service (FOS) has published a consultation on further changes to its case fee structure. In April, the FOS implemented changes to its charging structure, which included charges for professional representatives bringing cases. The proposed additional changes in this consultation are stated to respond to regular feedback from stakeholders that further differentiation is required to support the 'polluter pays' model and to better reflect the work the FOS carries out on...By: A&O Shearman
SRB Operational Guidance on Separability and Transferability for Transfer Tools
The EU Single Resolution Board (SRB) has launched a consultation on its operational guidance for banks on separability and transferability. The SRB has updated its 2021 operational guidance on separability and seeks to align it with the SRB's operational guidance on resolvability self-assessment, with the SRB's focus now being on operationalisation, resolution testing, and crisis readiness....By: A&O Shearman
D.C. Circuit Clears Path for CFPB Layoffs
On August 15, the U.S. Court of Appeals for the D.C. Circuit reversed a lower court decision that had temporarily blocked mass layoffs at the CFPB. The case arose after the National Treasury Employees Union (NTEU) challenged Acting Director Russell Vought’s directives suspending the Bureau’s funding draw, halting all supervisory and enforcement activity, and placing employees in limbo....By: Sheppard Mullin Richter & Hampton LLP
CFPB Reopens Data Rights Debate with New 1033 Rulemaking
On August 21, the Consumer Financial Protection Bureau published an advance notice of proposed rulemaking (ANPR) in the Federal Register to reconsider its Personal Financial Data Rights Rule under Section 1033 of the Dodd-Frank Act. The Bureau stated that it is reopening the rule in light of policy changes under new leadership and a court-ordered stay in ongoing litigation challenging the 2024 final rule....By: Sheppard Mullin Richter & Hampton LLP
UK CMA Proposes Releasing Remaining Provisions in the SME Banking Undertakings 2002
The Competition and Markets Authority (CMA) published its provisional decision that the remaining provisions of the SME Banking (Behavioural) Undertakings 2002 (the 'Limitation on Bundling Provisions') are no longer appropriate and should be released. The Limitation on Bundling Provisions prevent the banks that gave the undertakings from requiring, as a condition of granting a business loan or approving the opening of a business deposit account, that a small or medium-sized enterprise (SME)...By: A&O Shearman
Federal Reserve Ends Novel Activities Supervision Program for Crypto and Fintech Oversight
On August 15, the Federal Reserve Board announced that it has rescinded its 2023 supervisory letter establishing the Novel Activities Supervision Program (NASP). The program had focused on overseeing banks’ involvement in crypto assets, distributed ledger technology, and fintech partnerships. The Fed explained that it has “strengthened its understanding” of these activities and will return to supervising them through the standard supervisory process....By: Sheppard Mullin Richter & Hampton LLP
New Lessons in Regulation, August 2025 - FinCEN Extends Effectiveness Date of Orders Targeting CIBanco, Intercam, and Vector until October 20, 2025
Parties have an additional six weeks to prepare for the impact of FinCEN’s June 25, 2025 orders targeting three Mexican financial institutions. On August 19, 2025, FinCEN extended the effectiveness date of three orders targeting CIBanco S.A. Institución de Banca Multiple (“CIBanco"), Intercam Banco S.A., Institución de Banca Multiple (“Intercam”), and Vector Casa de Bolsa, S.A. de C.V. (collectively, the “Designated FIs”)....By: Cadwalader, Wickersham & Taft LLP
DFPI Orders Mortgage Lender to Pay $2.3 Million for Per Diem Interest Overcharges
On August 18, the California Department of Financial Protection and Innovation (DFPI) announced a $2.3 million settlement with a former mortgage lender and servicer for alleged violations of the California Residential Mortgage Lending Act and California Financing Law. According to the DFPI, the company improperly charged thousands of California borrowers per diem interest in excess of what is permitted under state law....By: Sheppard Mullin Richter & Hampton LLP
EBA Reports On the Use of SupTech Tools in AML/CFT Supervision
The European Banking Authority (EBA) has published a report on the use of SupTech tools in anti-money laundering and countering the financing of terrorism (AML/CFT) supervision, as well as a press release. In November 2024, the EBA surveyed competent authorities on their use of SupTech tools and in January 2025, a workshop was held on AML/CFT SupTech. The EBA's report provides its findings from both programs, considers the current use of SupTech tools at EU level and how the tools are...By: A&O Shearman
HMT Confirms Policy Changes to UK's Appointed Representative Regime
HM Treasury (HMT) published a policy statement on the appointed representatives regime, setting out how it proposes to adjust the appointed representative (AR) legislative framework to provide further needed protection for consumers of AR firms. First, a new gateway for authorised firms will be implemented which will require an authorised firm that intends to use ARs to obtain permission from the Financial Conduct Authority (FCA) before doing so....By: A&O Shearman
Oklahoma Officially Legalizes Surcharging Starting November 1, 2025
The practice of charging consumers a fee for paying via credit card — known as surcharging — has been both increasingly common and increasingly controversial over the last decade. Visa and Mastercard first began to allow surcharging following a class action settlement in 2013. Even then, roughly a dozen U.S. jurisdictions still banned surcharging. But since 2018, when the Supreme Court of the United States cast doubt on the constitutionality of surcharging bans on First Amendment grounds, those...By: Arnall Golden Gregory LLP
CFPB Briefly Releases Semi-Annual Rulemaking Agenda Amidst Uncertainty
As has been well-documented, the Consumer Financial Protection Bureau (CFPB or Bureau) is navigating a period of significant uncertainty. Just last week, the U.S. Court of Appeals for the District of Columbia vacated a preliminary injunction in the case of National Treasury Employees Union v. CFPB, potentially allowing for substantial layoffs and operational changes within the agency....By: Troutman Pepper Locke
CFPB Proposes Rules Re-Defining Larger Participants in Multiple Markets
On August 8, the Consumer Financial Protection Bureau (CFPB or Bureau) published a series of proposed rules aimed at redefining what constitutes a “larger participant” in several key financial markets. Under § 1024 of the Consumer Financial Protection Act, the Bureau’s supervisory authority extends to “larger participants” offering consumer financial products or services. The proposed rules seek to amend existing thresholds in the consumer reporting, auto financing, consumer debt collection, and...By: Troutman Pepper Locke
CFPB invites comments on new Section 1033 ‘open banking’ rule
As promised, the CFPB is issuing an Advance Notice of Proposed Rulemaking soliciting comments on the agency’s open banking rule....By: Ballard Spahr LLP
Paint by Tokenization: SEC Launches Project Crypto
At the beginning of July, SEC Chair Paul Atkins painted a picture: tokenization was the “next step” in the evolution of securities. Generally, tokenization entails creating a digital representation of a real-world asset — like currency, real estate, or art — on a blockchain. Tokenized assets are a form of “crypto asset,” i.e., assets issued or transferred on a distributed ledger or blockchain....By: Carlton Fields
PACE: A Flexible Economic Incentive That Doesn’t Interfere with a Political Subdivision’s Existing Tax Revenues
PACE leaves your current tax revenues intact. Property Assessed Clean Energy (PACE) financing is an economic development tool that does not subtract or redirect a political subdivision’s existing tax revenues. Many economic development tools provided under Ohio law focus on abating or redirecting tax revenue through some form of public-private partnership....By: Bricker Graydon LLP
What Lenders to Gaming Companies Should Know About Nevada Gaming Law
Nevada, perhaps more than any other state, understands the importance of readily available credit to its licensed casinos and gaming manufacturers. The Nevada Gaming Control Act, which forms the basis for all gaming regulation, specifically provides that the state’s public policy is “that the rights of the creditors of licensees are protected.” Nevada’s gaming regulatory scheme is quite friendly to creditors. Nevertheless, this accommodation must yield to the broader policies under which gaming...By: Womble Bond Dickinson
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