News from the economy, politics and the financial markets
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Trade Associations File Challenge to CFPB’s Rule on Medical Debt in Consumer Reports
The Consumer Financial Protection Bureau (CFPB or Bureau) finalized a rule aimed at removing an estimated $49 billion in medical bills from the consumer reports of approximately 15 million Americans. This rule amends Regulation V, which implements the Fair Credit Reporting Act (FCRA), to eliminate the exception that previously allowed lenders to use certain medical information in making lending decisions. The rule also prohibits consumer reporting agencies (CRAs) from including medical debt...By: Troutman Pepper Locke
OFAC Closes Out Year with String of Enforcement Actions — Aiotec Pays OFAC $14.55 Million to Resolve Iran Sanctions Violations
Despite a relatively slow year in OFAC sanctions enforcement, OFAC closed 2024 with a string of settlements in five cases, including its second in 2024 against an individual defendant. While OFAC had a slow year, DOJ continued to increase its criminal enforcement of sanctions cases against individuals, increasing its prosecutions to 70 in 2024, nearly 30 more than 2023 (42). However, in 2024, DOJ did not bring any significant criminal enforcement actions against any companies....By: The Volkov Law Group
Our ‘Goldilocks’ Economy & What’s Coming Next: An Update with Nasdaq
A recession averted, inflation rates stabilizing, and low unemployment—all indicators suggest the economy is in solid shape. But there are threats on the horizon. With the highly charged election behind us and a new administration set to take office in 2025, businesses are shifting their focus to emerging concerns. Topics like tariffs, taxes, and the potential impact of upcoming policy changes on the economy and business landscape are now top of mind....By: Woodruff Sawyer
Exclusions, Exemptions, Estate Tax – What to Know in 2025
As we enter 2025, it’s important to stay informed about the current federal estate and gift tax laws, including annual exclusion limits and significant changes anticipated by the end of this year. Annual Exclusion Amount- The annual exclusion amount for gifts in 2025 allows individuals to give up to $19,000 per recipient without incurring gift tax or needing to file a gift tax return....By: Jaburg Wilk
Aviation Finance: The Outlook for Business in 2025
Entering 2025, the outlook for aviation is as bright as it has been since before 2020. Global passenger demand has returned to pre-Covid highs. Interest rates are falling in the United States and Europe. And aircraft trading is on the upswing. Meanwhile, the aircraft asset-backed securities (ABS) market appears set to continue its rebound, and lighter transactional scrutiny under the new US administration could open a clearer path for airline mergers. [Co-Authors: Joe Brown & Max Marshall]...By: Vinson & Elkins LLP
SPAC Risk Update with Doug Ellenoff: What to Expect in 2025
The second half of 2024 saw a significant uptick in SPAC activity both on the IPO and deal side. With the new Trump administration and several SPAC-friendly appointments, many anticipate continued positive momentum for the SPAC universe in 2025, but a few risks and uncertainties remain. To gain some perspective on what may be ahead, I spoke with Doug Ellenoff, founder of the top law firm in the SPAC market, Ellenoff Grossman & Schole. Doug has been at the forefront of the SPAC market since its...By: Woodruff Sawyer
FCA consults on arrangements for PISCES sandbox
On 17 December 2024, the UK Financial Conduct Authority (the “FCA”) published its latest consultation paper on the ‘Private Intermittent Securities and Capital Exchange System’ (“PISCES”) (the “Paper”) (which is available here); the system intended to facilitate secondary trading of shares in private companies on an intermittent basis. The Paper consults on the rules and guidance for the Financial Market Infrastructure (FMI) sandbox within which PISCES is expected to operate for 5 years to allow...By: Hogan Lovells
10 Key Focus Areas for UK-Regulated Financial Services Firms in 2025
In this publication, we explore some of the core focus areas for UK-regulated financial service firms in the year ahead. In 2024, we saw disruption to the regulatory reform agenda as the unexpected timing of the general election impacted work and publication schedules. Now that the reform agenda is back on track and aligned to the new government's plans for growth, we are likely to see improved progress on existing reforms as well as fresh initiatives in the pursuit of growth during 2025....By: Latham & Watkins LLP
CFPB Adjusts Various Penalty Amounts Based on Inflation (UPDATED)
The CFPB recently issued a rule to adjust maximum penalty amounts under various statutes that it administers. Included among the adjustments are the amounts for the three tiers of civil money penalties that the CFPB may impose for violations of consumer financial protection laws under the Dodd-Frank Act....By: Ballard Spahr LLP
Update Kapitalmarkt- und Gesellschaftsrecht
Das ursprünglich am 7. Dezember 2022 durch die EU-Kommission vorgelegte Maßnahmenpaket, das unter dem Titel „EU Listing Act“ bekannt ist, wurde nun endlich im November 2024 im Amtsblatt der Europäischen Union veröffentlicht. Der EU Listing Act umfasst....By: Morrison & Foerster LLP
[Webinar] Deep Dives Presents: Open Banking - January 15th, 10:00 am PT
Join McGlinchey’s Deep Dives series for an in-depth exploration of open banking, a transformative trend reshaping financial services. This webinar will discuss the opportunities, challenges, and regulatory considerations of open banking, including new compliance obligations that will impact financial institutions, third-party providers, and consumers. Our speakers, Adam Maarec and Aaron Kouhoupt, bring their extensive legal and industry knowledge to the discussion. As a leading voice in...By: McGlinchey Stafford
Treasury and IRS Release Final Regulations Applicable for Front-End Service Providers Facilitating Digital Asset and Cryptocurrency Transactions
On December 30, 2024, the Department of the Treasury (the Treasury) and the Internal Revenue Service (the IRS) published the final regulations (Final DeFi Regulations) relating primarily to persons who are front-end service providers that operate decentralized finance (DeFi) platforms, The DeFi industry participants (such as InstaSwap or Uniswap) offer services to facilitate digital asset transactions that utilize self-executing software without any participant in the DeFi industry exercising...By: Wilson Sonsini Goodrich & Rosati
SEC Charges Investment Adviser with Compliance Policy Failures Regarding its Handling of Material Nonpublic Information
Who may be interested: Registered Investment Companies; Registered Investment Advisers; Compliance Officers - Quick Take: The SEC charged a hedge fund manager registered as an investment adviser (Adviser) with failing to establish, implement and enforce written policies and procedures reasonably designed to prevent the misuse of material nonpublic information (MNPI) obtained through its participation on a creditors’ committee....By: Seward & Kissel LLP
SEC Enforcement Action – Failure to File Forms D
Share on Twitter Print Share by Email Share Back to top On December 20, 2024, the U.S. Securities and Exchange Commission (SEC) announced that it settled charges issued against one registered investment adviser and two private companies for failing to file Forms D in connection with unregistered securities offerings. Issuers must file Forms D with the SEC to rely on the exemptions under Regulation D from securities registration. However, prior to the SEC’s announcement, it was commonly...By: Foley & Lardner LLP
[Video] 31 Days to a More Effective Compliance Program: Day 9-Continuous Monitoring and Continuous Improvement
Welcome to a special podcast series on the Compliance Podcast Network, 31 Days to a More Effective Compliance Program. Over these 31 days series in January 2025, I will post a key part a best practices compliance program each day. By the end of January, you will have enough information to create, design or enhancement a compliance program. Each podcast will be short, at 6-8 minutes with three key takeaways that you can implement at little or no cost to help update your compliance program. I hope...By: Thomas Fox - Compliance Evangelist
[Video] Life With GDPR – Navigating The EU AI Act
Tom Fox and Jonathan Armstrong, renowned expert in cyber security, co-host the award-winning Life with GDPR. In this episode, we discuss a pressing deadline for compliance officers: the February 2nd enforcement of the EU AI Act’s prohibitions on unacceptable AI risk. Tom and Jonathan look at the phased implementation of this complex legislation, detailing the obligations for businesses using AI in their EU operations. Armstrong emphasizes the importance of identifying ‘shadow AI’ within...By: Thomas Fox - Compliance Evangelist
[Video] Business Integrity Innovations: Building a Corruption - Free Zimbabwe: Doris Kumbawa’s Vision
Business Integrity Innovations is brought to you by the Center for International Private Enterprise (CIPE) and the Compliance Podcast Network (CPN). This podcast is inspired by Ethics 1st – a multi-stakeholder initiative led by CIPE, that is creating pathways for accountable and sustainable investment in Africa. Companies can standardize their business practices, develop sound corporate governance systems, and demonstrate their commitment to compliance and business ethics using Ethics 1st. In...By: Thomas Fox - Compliance Evangelist
[Video] Daily Compliance News: January 9, 2025 The Tribute to Jimmy Carter Edition
Welcome to the Daily Compliance News. Each day, Tom Fox, the Voice of Compliance brings to you compliance related stories to start your day. Sit back, enjoy a cup of morning coffee and listen in to the Daily Compliance News. All, from the Compliance Podcast Network. Each day we consider four stories from the business world, compliance, ethics, risk management, leadership or general interest for the compliance professional. • Tribute to Jimmy Carter in the fight against corruption. (FT) • Former...By: Thomas Fox - Compliance Evangelist
The Twilight, or Rebirth, of Liability Management? Serta and Mitel Decisions Reach Opposite Conclusions on the Permissibility of Uptier Exchange Transactions
Introduction & Key Takeaways - The year 2024 ended with some major legal fireworks, as two important courts issued contrasting New Year’s Eve decisions on the validity of “uptier” liability management transactions that have played a large role in corporate debt restructurings for the past several years....By: Cadwalader, Wickersham & Taft LLP
Massachusetts Adopts the Model Money Transmission Modernization Act, Joining 25 Other States
With the passage of H.B. 4840 (the Act), the Commonwealth of Massachusetts becomes the 49th state to regulate domestic money transmission and repeals the existing money transmission law, which solely regulated foreign consumer money transmission. The Act takes effect on Jan. 1, 2026....By: Stinson LLP
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