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Troutman Pepper Locke Weekly Consumer Financial Services Newsletter – December 2025 # 4
To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week....By: Troutman Pepper Locke
Almost Two Years After Signing, Governor Hochul Vetoes NY LLC Transparency Act Amendments
On December 19, New York Governor Kathy Hochul vetoed Senate Bill 8432 (SB8432), which was introduced to modify the existing New York Limited Liability Company Transparency Act (NYLLCTA). With the veto in place, when the NYLLCTA takes effect on January 1, 2026, only non-U.S. entities will be required to report, given the fact that the NYLLCTA incorporates by reference the definitions in the federal Corporate Transparency Act (CTA), which was modified earlier this year to apply only to non-U.S....By: Lowenstein Sandler LLP
Wisconsin Lawmakers Propose “True Lender” Test and 36% APR Cap for Consumer Loans
On December 12, Wisconsin legislators introduced Senate Bill 759 (SB 759), which would substantially shift Wisconsin’s approach to consumer lending. The bill would: • Impose a 36% annual percentage rate (APR) cap on consumer loans made by licensed lenders; • Adopt predominant economic interest and totality of the circumstances tests that expand which entities “make” loans under the law and are subject to licensing; • Add broad anti evasion language; and-...By: Troutman Pepper Locke
Oregon Enters $1.56 Million Consent Order Over Alleged Excessive Interest Charges in Bank Partnership Lending Program
On December 8, the Oregon Department of Consumer and Business Services entered into a consent order with two affiliated companies resolving allegations of violations of the Oregon Consumer Finance Act arising from a bank partnership program. According to the regulator, the companies allegedly charged, contracted for, or received interest above Oregon’s statutory limits on hundreds of consumer loans made to Oregon residents, even though the loans were originated and funded by an out-of-state,...By: Sheppard Mullin Richter & Hampton LLP
Federal Reserve Floats Special Purpose Payment Accounts for Fintechs and Nontraditional Banks
On December 16, the Federal Reserve Board issued a Request for Information on a new special‑purpose “Payment Account” prototype, which is essentially a stripped‑down Federal Reserve Bank account designed for institutions focused on payments innovation. The goal with this specialized or “skinny” access is to give legally eligible, payments‑centric institutions a more predictable and lower‑risk path to access key Federal Reserve payment services, without changing who is legally eligible for...By: Troutman Pepper Locke
CFPB Reportedly Plans to Scrap Biden-Era Guidance on Immigration Status in Lending
As reported by Bloomberg here, the Consumer Financial Protection Bureau (CFPB or Bureau) is moving to withdraw a 2023 Biden-era joint statement with the U.S. Department of Justice (DOJ) that warned lenders against overbroad use of immigration status in credit decisions. The notice, submitted to the White House’s Office of Information and Regulatory Affairs (OIRA), ties together two hallmark priorities of the current Trump administration: a harder line on immigration and a continued effort to...By: Troutman Pepper Locke
SEC Division of Examinations Issues Risk Alert on Investment Adviser Marketing Rule Compliance
On December 16, 2025, the SEC’s Division of Examinations (the “Staff”) issued a risk alert (“Risk Alert”) highlighting observations from examinations of investment advisers’ compliance with Rule 206(4)-1 (the “Marketing Rule”) under the Investment Advisers Act of 1940 (the “Advisers Act”). In particular, the Risk Alert addresses observations regarding advisers’ satisfaction of disclosure requirements and oversight and compliance practices under the Testimonials and Endorsements Provisions, as...By: Seward & Kissel LLP
When Do Debt Investments Generate ECI? Proposed Regulations May Provide Insight Into IRS Thinking
On December 12, the Treasury Department issued Proposed Treasury Regulations which, for the first time, appear to provide a potential window into the Internal Revenue Service’s view as to when an investment in debt potentially constitutes a trade or business for U.S. federal income tax purposes (the “Proposed Regulations”), notwithstanding that no inference is intended....By: Seward & Kissel LLP
Final and Proposed Treasury Regulations Address Section 892
On December 12, the Treasury Department issued final Treasury Regulations (the “Final Regulations”) and proposed Treasury Regulations (the “Proposed Regulations”) that address various issues under Section 892 of the Internal Revenue Code (“Section 892”). In particular, the Final Regulations finalized a proposal from 2011 that permits foreign governmental investors to make certain passive investments in private funds without losing their exemption under Section 892....By: Seward & Kissel LLP
CFTC No-Action Relief Allows CPO Deregistration For Certain Private Fund Managers
On December 19, 2025, one day after the U.S. Senate confirmed Michael Selig as the new Chairman of the Commodity Futures Trading Commission (the “CFTC”), the staff of the Market Participants Division (the “Division”) of the CFTC issued a no-action letter (the “No-Action Letter”) establishing conditions under which certain qualifying private fund managers do not need to register, or stay registered, as a commodity pool operator (“CPO”) with the CFTC......By: Seward & Kissel LLP
CTA Update: What It Is, the Latest Ruling, and What Businesses Should Do Now
For most domestic businesses, there is nothing to file or update right now while the Financial Crimes Enforcement Network (“FinCEN”) finalizes its rulemaking and courts resolve remaining cases. The Corporate Transparency Act (“CTA”) aims to curb illicit finance by collecting beneficial ownership information. Still, under FinCEN’s March 2025 interim final rule, domestic entities and U.S. persons are currently not required to file....By: Adams & Reese
Federal Reserve Adopts 2025 Policy Statement on Permissible Novel Activities for State Member Banks
The Fed published a final rule rescinding and replacing its 2023 Policy Statement interpreting section 9(13) of the Federal Reserve Act, setting forth a new policy statement that removes a rebuttable presumption against novel activities and treats innovation as a risk-management question rather than a supervisory problem. The policy change is consistent with the Fed's previous rescission of other digital asset-related guidance issued during the Biden Administration......By: Davis Wright Tremaine LLP
The Rush to Exit: PE Firms Pick Up the Pace in 2025
PE firms are moving to sell portfolio companies on an accelerated timeline in 2025 after years of much longer hold cycles. PitchBook data shows 13% of PE-backed exits this year involved companies held less than three years....By: Foley & Lardner LLP
SEC Clarifies Broker-Dealer Custody Rules for Crypto Assets
A statement this month from U.S. Securities and Exchange Commission (“SEC”) Division of Trading and Markets unlocked a particularly critical part of securities laws for broker-dealers looking to expand into crypto-asset markets....By: King & Spalding
Transparency Required, Clarity Not Included: New York’s LLC Reporting Rules May Return (Or Not)
New York is preparing to implement the New York LLC Transparency Act (“NY Transparency Act”) that will require many limited liability companies (“LLCs”) formed or registered to do business in New York to report Beneficial Ownership Information (“BOI”) to the New York Department of State. The law represents one of the most sweeping state-level corporate transparency initiatives to date and is modeled closely on the federal Corporate Transparency Act (“CTA”)....By: Proskauer Rose LLP
UK Weekly Sanctions Update - Week of December 15, 2025
In this weekly update, we summarise the most notable updates in the UK sanctions world. Russia Sanctions......By: Mayer Brown
What Directors and Officers of a Foreign Private Issuer Must Do Now to Prepare for 2026
he Holding Foreign Insiders Accountable Act (HFIAA) included in the U.S. annual defense spending bill was signed into law by President Trump on December 18, 2025. Pursuant to the HFIAA, beginning March 18, 2026, (i.e., 90 days after the HFIAA was signed into law), officers and directors of many foreign private issuers (FPIs) will be required to file with the SEC Section 16 reports to publicly report their ownership of, and trades in, the shares (including equity compensation awards, stock...By: Loeb & Loeb LLP
Virtual Currency Exchange Pleads Guilty to Criminal Charges Related to Anti-Money Laundering Violations and Pays Multi-Million Dollar Fine to FinCEN
On December 9, 2025, the US Department of Justice (“DOJ”) announced a guilty plea by a peer-to-peer convertible virtual currency exchange (the “CVC Exchange”) for conspiring to: (i) violate the Travel Act; (ii) operate an unlicensed money transmitting business; and (iii) violate the Bank Secrecy Act’s (“BSA”) anti-money laundering (“AML”) program requirements....By: Mayer Brown
FINRA Publishes Report on Social Media‑Influenced Investing
On December 11, 2025, the Financial Industry Regulatory Authority, Inc. (“FINRA”) issued a report on social media‑influenced investing (the “Report”). FINRA observes that an increasing number of investors report that social media content directly impacts their investing decisions; this trend is especially pronounced among younger investors....By: Mayer Brown Free Writings + Perspectives
HKEx Publishes Conclusions on Proposed Amendments to Listing Rules Relating to Ongoing Public Float Requirements
This LawFlash summarizes the key reforms of the Hong Kong Stock Exchange’s consultation conclusions on ongoing public float requirements. Mainly, an alternative Ongoing Public Float Threshold has been introduced to offer greater flexibility, and new public float reporting obligations have been implemented for all issuers to improve market transparency....By: Morgan Lewis
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