News from the economy, politics and the financial markets
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Federal Banking Agencies Strip Reputation Risk From Guidance, CFTC Vacates Prior Digital Asset Consent Order and Moves Forward on Prediction Markets Litigation
The Federal Reserve, FDIC and OCC jointly reissued interagency guidance documents to further remove references to reputation risk, part of a broader supervisory effort to address debanking that has featured prominently in the digital asset industry’s access to banking services. On Capitol Hill, the Senate Banking Committee reported the CLARITY Act and members of Congress urged the Labor Department to rescind a proposed rule that would ease the inclusion of digital assets and other alternative...By: Paul Hastings LLP
EC adopts Delegated Regulation on market risk prudential requirements for EU banks
The European Commission (EC) has adopted a Delegated Regulation proposing targeted amendments to the EU prudential framework for banks' market risk, specifically the Fundamental Review of the Trading Book (FRTB) under the Capital Requirements Regulation (CRR)....By: A&O Shearman
Resilience in Uncertainty: How Italian SMEs Can Navigate Geopolitical Volatility in 2026
The global business environment in 2026 is characterised by a level of uncertainty that many companies have not experienced in decades. Geopolitical tensions and instability in strategic regions have led to disruptions to international shipping routes. Paired with fluctuating energy prices, the world has entered a more fragile economic landscape......By: IR Global
[Video] Daily Compliance News: June 9, 2026, The Big Bang Edition
Welcome to the Daily Compliance News. Each day, Tom Fox, the Voice of Compliance, brings 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. Top stories include: • New charges against FirstEnergy execs....By: Thomas Fox - Compliance Evangelist
OCC & Northern District Preempt IL IFPA
The Office of the Comptroller of the Currency (OCC) has begun to issue preemption determinations again for the first time since the Dodd-Frank Act went into effect in 2011, a development we explored in our most recent issue of Cabinet. While the determination we discussed last week sought to provide clarity on a national basis regarding which state laws were preempted, the OCC issued a preemption interim final order in April specifically preempting the law in one state, Illinois....By: Cadwalader, Wickersham & Taft LLP
Cyber Risk: How UK and EU Banks Will Navigate Incident Reporting Under EU DORA and New FCA Requirements
Cyber risk in the regulated financial services sector often crosses legal entities and geographies as banking groups typically share IT infrastructure and outsourcing arrangements. In March this year, the UK regulators (Bank of England, Prudential Regulation Authority and Financial Conduct Authority) published new rules on material operational incident reporting. These rules apply to all material operational incidents, not just those relating to cyber risk....By: Mayer Brown
CFPB Sued Over Fair Lending Rule Under Equal Credit Opportunity Act
A set of nonprofit and for-profit organizations filed suit against the Consumer Financial Protection Bureau (“CFPB”) and its Acting Director Russell Vought, asking the court to vacate the CFPB’s final rule amending the regulations under the Equal Credit Opportunity Act (“ECOA”). The plaintiffs filed the complaint in the federal district court for the District of Columbia on May 27, 2026....By: Mayer Brown
A New Day, A New Plan: SEC Publishes Draft Strategic Plan for FY2026-FY2030
On June 2, 2026, the U.S. Securities and Exchange Commission (the “SEC”) published its Draft Strategic Plan for fiscal years 2026-2030, formally incorporating Chair Paul Atkins’ deregulatory and innovation-focused vision into the agency’s governing framework. The plan is organized around three strategic goals: (1) renewing regulatory policy, (2) reforming enforcement and stakeholder engagement, and (3) modernizing operations and increasing efficiency....By: Mayer Brown Free Writings + Perspectives
Fannie Mae Issues Governance Framework on Use of Artificial Intelligence and Machine Learning
What Happened? In a little-noticed, but important development, on April 8, 2026, Fannie Mae issued a governance framework for Fannie Mae Seller/Servicers’ use of artificial intelligence (AI) and/or machine learning (ML) in their origination and/or servicing practices. The requirements that Fannie Mae sets forth in this directive are considerable and apply to all approved single-family seller/servicers utilizing AI/ ML technologies within their loan origination or servicing practices. The...By: Alston & Bird
Between Debt and Equity: The UK High Court Clarifies Convertible Noteholders’ Standing to Seek an Administration Order
Our Financial Restructuring & Reorganization Group examines a recent UK High Court decision clarifying the standing requirements for creditors seeking administration orders, including holders of convertible loan notes whose creditor status is disputed....By: Alston & Bird
Small Savers, Big Future: Our Journey to TrumpIRA.gov
To understand Executive Order 14403, titled “Promoting Retirement-Savings Access for American Workers by Establishing TrumpIRA.gov,” issued by President Trump on April 30, 2026, it is helpful to understand the government’s ongoing journey to achieve greater retirement plan savings. With defined-contribution plans becoming the main retirement savings vehicle, it is more important than ever for individuals to save....By: Carlton Fields
FTC Obtains $6.5 Million Contempt Sanction Against Payment Processor
On May 19, the FTC announced that the U.S. District Court for the District of Nevada held a payment processor and two of its executives in civil contempt for allegedly violating a 2015 order governing the company’s payment processing activities. According to the FTC, the court found that the defendants failed to comply with requirements designed to prevent the processing of payments for merchants engaged in fraudulent or deceptive conduct and imposed $6.5 million in sanctions....By: Sheppard
Weekly Blockchain Blog - June 2026 #2
U.S. Financial Services Firms Announce Stablecoin Products - A U.S. national bank, SoFi, recently announced that it is the first to offer a “U.S. national bank-issued stablecoin [that] is available directly on a banking app.”...By: BakerHostetler
UK Pensions: What’s new this week? - June 2026 # 2
Welcome to your weekly update from the A&O Shearman Pensions team, covering all the latest legal and regulatory developments in the world of workplace pensions. Abolition of lifetime allowance: further clarificatory regulations - Draft regulations making corrective amendments following the abolition of the lifetime allowance (LTA) have been laid before Parliament....By: A&O Shearman
NYDFS and European Banking Authority agree to share stablecoin supervisory information
On June 2, NYDFS announced that it had signed a memorandum of understanding (MOU) with the European Banking Authority (EBA) to foster cross-border cooperation on stablecoin supervision, including the sharing of confidential and supervisory information. The MOU aims to strengthen oversight of entities engaged in stablecoin activities, monitor market trends and emerging risks, and support the integrity of the stablecoin market....By: Orrick, Herrington & Sutcliffe LLP
FDIC proposes BSA/AML and sanctions compliance standards for stablecoin issuers under the GENIUS Act
On May 22, the FDIC Board of Directors approved an NPRM that would implement BSA/AML and sanctions compliance standards applicable to FDIC-supervised permitted payment stablecoin issuers (PPSIs) as required by the GENIUS Act....By: Orrick, Herrington & Sutcliffe LLP
Vermont enacts coerced debt protections and authorizes bank transaction holds to combat financial exploitation
On May 20, Vermont Governor Phil Scott signed H.385 into law, establishing protections and remedies for victims of “coerced debt” and authorizing banks and credit unions to take protective action against suspected financial exploitation of customers. The law defines “coerced debt” as secured or unsecured debt incurred as a result of domestic abuse; human trafficking; or the abuse, neglect or exploitation of a vulnerable adult through “use of the debtor’s personal information without the debtor’s...By: Orrick, Herrington & Sutcliffe LLP
The Clean Exit
Here is the situation I see again and again. A business owner took out an SBA COVID EIDL loan to survive the pandemic. The loan was large enough to require a personal guarantee....By: Davidoff Hutcher & Citron LLP
Additional Section 892 proposed regulations to provide transitional relief
In December 2025, Treasury and the IRS issued proposed regulations under Code section 892 (Prior Proposed Regulations) addressing the taxation of foreign government investment income in the United States. Key provisions included a rebuttable presumption generally treating debt acquisitions as commercial activities and guidance on “effective control” of commercial entities....By: Eversheds Sutherland (US) LLP
Federal Court Expands Injunction Against Illinois Interchange Fee Law Following OCC Action
On June 1, the U.S. District Court for the Northern District of Illinois issued a Memorandum Opinion and Order revisiting its February 2026 ruling concerning the Illinois Interchange Fee Prohibition Act (IFPA). The court expanded its prior injunction, concluding that the IFPA’s interchange fee limitation is preempted as applied to certain federally regulated banking entities and payment card networks....By: Sheppard
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