News from the economy, politics and the financial markets
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Corp Fin Releases New Guidance on Clawback Disclosure Requirements
The staff of the Division of Corporation Finance (Corp Fin) of the Securities and Exchange Commission (SEC) has issued new Compliance and Disclosure Interpretations (C&DIs) relating to the clawback disclosures required in an issuer’s annual report on Form 10-K and proxy statement. In addition to the April 11, 2025 issuance, Corp Fin released a C&DI regarding the cessation of reporting requirements under the Securities Exchange Act of 1934, as amended (Exchange Act), for co-registrant target...By: DLA Piper
SEC Small Business Advisory Committee to Consider the Market Impact and Challenges of Regulation A
The Securities and Exchange Commission’s (SEC) Small Business Capital Formation Advisory Committee (the “Committee”) will meet on May 6, 2025 to consider the market impact and challenges associated with Regulation A....By: Mayer Brown Free Writings + Perspectives
What Legal Services Providers Need to Learn From OFSI's Legal Services Threat Assessment
In its first-ever threat assessment of the UK legal sector, the UK’s Office of Financial Sanctions Implementation (OFSI) has raised red flags with regards to suspected sanctions breaches involving UK legal services providers since February 2022 (the Assessment)....By: K&L Gates LLP
2025 State Cybersecurity Legislation Focuses on Financial Services
Eight years ago, on March 1, 2017, the New York Department of Financial Services enacted its landmark cybersecurity regulation covering financial services companies, 23 NYCRR Part 500, known as “Part 500.” Part 500 was the first state regulation to enumerate, in great detail, the elements of a cybersecurity program that a covered financial service company in New York is required to implement. Since that time, the focus of state cybersecurity legislation has been directed largely at insurance...By: Alston & Bird
CTA Deadline Approaching for Foreign Reporting Companies
The Corporate Transparency Act (CTA) was adopted by Congress in January 2021 and became effective on January 1, 2024. Under the CTA and the initial regulations implementing it, “reporting companies” (corporations, LLCs, limited partnerships, some trusts, and certain other entities formed or first registered (i.e., qualified) to do business in the United States, its states or territories) were required to file information as to their “beneficial owners” in a non-public database managed by the...By: Pillsbury Winthrop Shaw Pittman LLP
ESMA TRV report on fund names: ESG-related changes and their impact on investment flows
The European Securities and Markets Authority (ESMA) has published a trends, risks and vulnerabilities (TRV) risk analysis report on ESG-related changes to fund names and their impact on investment flows. The report examines whether the fund managers decision to incorporate environmental, social, governance or sustainability-related (ESG) terms into their funds' names leads to more investor interest. If so, this has the potential to incentivise greenwashing behaviour, undermine investor trust...By: A&O Shearman
UK PRA proposed fees for 2025/26
The Prudential Regulation Authority (PRA) has published a consultation setting out proposals for its fees for 2025/26. The proposals would make amendments to the Fees Part of the PRA Rulebook (Appendix) and include: (i) the fee rates to meet the PRA's 2025/26 Annual Funding Requirement (AFR);......By: A&O Shearman
FHFA Has Fraud on Its Mind
In recent days, Federal Housing Finance Agency (FHFA) Director Bill Pulte has made it clear that he believes fraud is a rampant problem at FHFA. In a stream of related activities, Pulte has called on the public to report fraud via email and a new Hotline, terminated over 100 FHFA employees for alleged fraud, and taken aim at a political rival for alleged mortgage fraud....By: Bradley Arant Boult Cummings LLP
CFPB Announces New Supervision and Enforcement Priorities, Then Mass Layoffs Temporarily Halted
CFPB Chief Legal Officer Mark Paoletta on April 16, 2025, issued the CFPB's latest staff memo outlining the agency's supervision and enforcement priorities....By: Holland & Knight LLP
Judge Halts CFPB Layoffs Again
At an emergency hearing this morning in National Treasury Employees Union v. Vought, Judge Amy Berman Jackson once again halted the layoffs of over 1,000 employees at the Consumer Financial Protection Bureau (CFPB). The judge emphasized the need for a comprehensive record to determine whether the firings complied with the D.C. Circuit’s order from last week....By: Troutman Pepper Locke
2025 Perspectives in Private Equity: Energy
As an industry at the frontline of navigating a shifting policy backdrop under the new Trump administration, pre-imposition of “Independence Day” Tariffs, energy was experiencing a growth in interest from private equity sponsors both in North America and beyond....By: Akin Gump Strauss Hauer & Feld LLP
GAO report calls for improved federal coordination to combat scams
On April 8, GAO published a report titled “Consumer Protection: Actions Needed to Improve Complaint Reporting, Consumer Education, and Federal Coordination to Counter Scams” addressing the growing issue of scams targeting U.S. consumers. The report, produced by GAO in response to requests from members of Congress, evaluated the federal government’s response to scams, focusing on the need for developing a comprehensive government-wide strategy for collecting and evaluating scam-related data, and...By: Orrick, Herrington & Sutcliffe LLP
Treasury’s Bessent outlines vision for community banks
On April 9, the Secretary of the Treasury, Scott Bessent, delivered a speech outlining the Trump Administration’s financial policy goals of empowering community banks, moving away from prioritizing large financial institutions. In his speech, Bessent explained that this “administration aims to give all banks the chance to succeed” highlighting the administration’s goal of reducing bureaucracy and enabling capital flow to Americans who need it. Bessent criticized past bank regulatory practices...By: Orrick, Herrington & Sutcliffe LLP
NYC’s amended debt collection rules effective this October
Recently, the NYC Department of Consumer and Worker Protection (DCWP) published an FAQ document providing guidance on amended rules for debt collectors, set to become effective on October 1. As previously covered by InfoBytes, the amended debt collection rules require debt collectors to provide specific disclosures (when collecting on time-barred debt), maintain comprehensive records of communications, consumer complaints, and obtain consumer consent for electronic communications with clear...By: Orrick, Herrington & Sutcliffe LLP
CFPB announces it will not enforce compliance with nonbank registry rule
On April 11, the CFPB announced it would not “prioritize enforcement or supervision actions” regarding entities who do not meet the registration deadlines under the nonbank registry rule. As previously covered by InfoBytes, under the previous administration the CFPB released a final rule titled “Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders” which would have mandated that nonbank covered entities must register with the Bureau if the covered entity receives an...By: Orrick, Herrington & Sutcliffe LLP
Treasury issues final rule to eliminate several regulations
On April 15, the Treasury issued a direct final rule to eliminate several regulations or portions of regulations it deemed unnecessary in response to an Executive Order 14219 directing agencies to pursue deregulation. The Treasury’s final rule will go into effect June 16 without further action, unless significant adverse comment is received by May 15....By: Orrick, Herrington & Sutcliffe LLP
CFPB memo outlines supervision and enforcement agendas under new administration
On April 16, the CFPB’s Chief Legal Officer, Mark Paoletta, issued a memo outlining the CFPB’s 2025 supervision and enforcement priorities, explaining that the CFPB intends to focus resources towards threats to service members and veterans, and to shift resources away from enforcement and supervision that could be done by states. The memo outlined 11 specific priorities for the CFPB’s supervisory and enforcement efforts through 2025....By: Orrick, Herrington & Sutcliffe LLP
OCC announces changes to its organizational structure
On April 16, the OCC announced several changes to its organizational structure to align its supervisory approach to the agency’s priorities. The OCC announced the combination of the Midsize and Community Bank Supervision and Large Bank Supervision functions to create one Bank Supervision and Examination line of business. The OCC announced that the newly created Bank Supervision and Examination line of business will be led by Greg Coleman, who currently serves as Senior Deputy Comptroller for...By: Orrick, Herrington & Sutcliffe LLP
OCC provides an update on its security breach given institutional risk
On April 14, the OCC released a letter providing more details on the recent security breach involving its email systems. The breach — identified as a major incident under the Federal Information Security Modernization Act (FISMA) — involved a third-party who accessed several OCC user accounts through an unauthorized administrative-level account. The OCC noted it has taken steps to disable the unauthorized account and is working to determine the extent of the data compromised....By: Orrick, Herrington & Sutcliffe LLP
North Dakota expands its financial data security framework, includes alternative financing providers to obtain money broker licenses
On April 11, North Dakota enacted HB 1127 (the “Act”), amending the regulatory framework for financial institutions within the state by establishing a new chapter focused on data security programs. The Act amends various sections of the North Dakota Century Code related to the Department of Financial Institutions, including aspects of financial institution operations, license renewals, and compliance requirements....By: Orrick, Herrington & Sutcliffe LLP
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