News from the economy, politics and the financial markets
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CFTC Amends Enforcement Rules to Enhance ‘Due Process’ and Transparency in Wells Process
On December 1, the CFTC announced a final rule amending its Rules of Practice and Rules Relating to Investigations. Acting Chair Caroline Pham stated the revised rules intend to “enhance the transparency of the Commission’s enforcement actions” and “enhance due process when the Division of Enforcement notifies persons who may be named in an enforcement action (Wells Process).”...By: Orrick, Herrington & Sutcliffe LLP
Banking Agencies Update Exemption Thresholds for Smaller Loans
On December 16, the OCC, the Fed, and the CFPB published a final rule in the Federal Register raising the TILA exemption threshold for smaller loans from $33,500 to $34,200. The final rule will go into effect January 1, 2026....By: Orrick, Herrington & Sutcliffe LLP
HUD Reopens Comment Period on Future of Home Equity Conversion Mortgage and Securities Programs on Such
On December 10, HUD published a notice in the Federal Register stating it was reopening the public comment period for its request for information on the home equity conversion mortgage (HECM) program and HECM mortgage-backed securities program (previously covered by InfoBytes here)....By: Orrick, Herrington & Sutcliffe LLP
CFPB Issues 2026 Inflation Adjustments for Regulation Z Thresholds
On December 15, the CFPB issued a final rule in the Federal Register its annual inflation adjustments for dollar thresholds under Regulation Z, which implements TILA. The final rule, effective January 1, 2026, updated various thresholds for open-end consumer credit, Home Ownership and Equity Protection Act of 1994 (HOEPA), and qualified mortgage provisions based on inflation....By: Orrick, Herrington & Sutcliffe LLP
CFPB Raises Maximum Charge for Credit File Disclosures to $16
On December 15, the CFPB issued a final rule in the Federal Register adjusting the maximum allowable charge for consumer file disclosures under the FCRA, as implemented by Regulation V. The final rule, effective January 1, 2026, stated consumer reporting agencies may charge up to $16 for such disclosures...By: Orrick, Herrington & Sutcliffe LLP
FHFA Announces AI Governance Framework in Bulletin
Recently, the FHFA issued Bulletin 2025-16 announcing a comprehensive governance framework for AI and machine learning (ML) systems. The updated guidance establishes requirements and best practices in Sections 1302.2 and 1302.8 of the guide to ensure “transparency, accountability and ethical stewardship” in AI and ML initiatives....By: Orrick, Herrington & Sutcliffe LLP
SEC Staff Statement on Broker-Dealer Custody (“Physical Possession”) of Crypto Asset Securities
On December 17, 2025, the Staff of the Division of Trading and Markets (the “Division”) of the U.S. Securities and Exchange Commission (“SEC”) issued a statement explaining its views on the application of paragraph (b)(1) of SEC Rule 15c3-3 to broker-dealers seeking to establish custody of crypto asset securities....By: Mayer Brown Free Writings + Perspectives
FDIC Proposes Application Requirements for Banks Seeking to Issue Stablecoins Under the GENIUS Act
On December 16, the FDIC announced the approval of an NPRM issued in the Federal Register that would establish an application process under the GENIUS Act for FDIC-supervised state nonmember banks and savings associations seeking to issue payment stablecoins through subsidiaries....By: Orrick, Herrington & Sutcliffe LLP
Observations on the SEC’s 2026 Examination Priorities
The SEC’s Division of Examinations (the “Division”) recently announced its examination priorities (“Exam Priorities”) for fiscal year 2026. In this eUpdate, we share some key observations on the Exam Priorities that impact SEC-registered investment advisers (“advisers”). ...By: Dorsey & Whitney LLP
Artificial Intelligence in Investment Management: Regulatory Challenges and Fiduciary Implications
Artificial intelligence (AI) has rapidly transitioned from a niche analytical tool to a core component of modern investment management. Asset managers are increasingly using machine learning and data-driven systems to analyze markets, optimize portfolios, and identify investment opportunities....By: Venable LLP
FPI Directors and Officers To Be Subject to Section 16(a)
On December 18, 2025, President Trump signed the National Defense Authorization Act (“NDAA”) into law. Among its many provisions, Section 8103—titled the “Holding Foreign Insiders Accountable Act”—introduces a significant development for foreign private issuers (“FPIs”)....By: Goodwin
Structuring credit agreement flexibility for venture backed borrower "secondaries"
Secured lenders are seeing increased demand from borrowers to execute secondary transactions in the venture lending space. While these transactions can raise concerns regarding control over leverage, investor support, and protecting collateral value, they can be compatible with prudent credit risk management if the credit agreement architecture anticipates them....By: DLA Piper
Bye-Bye 280E: New Executive Order Concerning Cannabis Rescheduling
In a historic development, on December 18, 2025, President Donald Trump signed an Executive Order entitled “Increasing Medical Marijuana And Cannabidiol Research,” directing Attorney General Pam Bondi to “take all necessary steps to complete the rulemaking process related to rescheduling marijuana to Schedule III of the CSA.”...By: Goodwin
HM Treasury Proposes to Significantly Reduce Scope of UK BMR
Under the proposals, only designated benchmarks or benchmark administrators would be regulated....By: Latham & Watkins LLP
IVASS publishes first update to national TIBER-IT cybersecurity framework
On 11 December 2025 the Italian Insurance Regulatory Authority (IVASS) published an update about the National TIBER-IT Guide for Advanced Cybersecurity Testing for the Italian Financial Sector (TIBER-IT Guide) made by Italy’s Central Bank, CONSOB and IVASS....By: DLA Piper
Highlights from the NAIC Fall 2025 National Meeting
The National Association of Insurance Commissioners (NAIC) held its 2025 Fall National Meeting from December 7-11 in Hollywood, Florida. As has become the norm, a number of relevant NAIC working groups and task forces met virtually in the weeks prior to (or just after) the National Meeting. Consequently, in this report, we highlight notable developments from the Fall National Meeting and other recent meetings of NAIC working groups and task forces....By: Eversheds Sutherland (US) LLP
401(k) Auto-Features Aren’t Set-It-and-Forget
Auto-enrollment and auto-escalation have become the comfort food of the retirement plan industry— warm, reassuring, and often over-relied upon. Plan sponsors love them because they create a sense that the plan is quietly doing the work for you. Participants are defaulted into saving. Deferral rates rise. And on paper, it looks like progress. But anyone who has ever actually managed a retirement plan knows that the moment you start treating auto-features as a self-driving car, you’re on your way...By: Ary Rosenbaum - The Rosenbaum Law Firm P.C.
Congratulations, CFTC Chairman Selig
Warm congratulations to the Honorable Michael Selig, who was confirmed by the Senate on December 18 as the 15th Chair of the Commodity Futures Trading Commission (CFTC or Commission). This key appointment builds on the foundational work of Acting Chairman Caroline D. Pham to modernize the Commission and sets the stage for a clearer, innovation-forward regulatory posture in US derivatives and digital asset markets....By: Katten Muchin Rosenman LLP
Lenders Should Approach the Recent CFPB–MoneyLion Military Lending Act Settlement With Caution
On November 24, 2025, the court in CFPB v. MoneyLion Technologies, No. 1:22-cv-08308 (SDNY) entered a stipulated final judgment and order that settled the Consumer Financial Protection Bureau’s (“CFPB” or “Bureau”) enforcement action against MoneyLion Technologies, Inc. and its lending subsidiaries (collectively, “MoneyLion”)....By: Hinshaw & Culbertson - Consumer Crossroads
[Video] Block & Order | Building on Layer 1 with Jennie Levin: Algorand, Policy Shifts & Tokenization’s Future
In this episode, Kyle and Moish talk with Jennie Levin, the Chief Legal and Operating Officer of the Algorand Foundation, about the evolving regulatory climate that is reshaping tokenization, stablecoins, and institutional adoption. Jennie explains how Algorand’s architecture supports real-world assets and global payments, why the foundation is re-embracing the U.S. market, and how builders can navigate uncertainty. She also shares how her former life as a federal prosecutor informs her approach...By: Falcon Rappaport & Berkman LLP
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