United States: Finance and Banking

On April 7, 2026, the Federal Deposit Insurance Corporation (FDIC) issued a notice of proposed rulemaking (the Proposal) to implement key provisions of the Guiding and Establishing National Innovation for U.S. Stablecoins Act (the GENIUS Act) applicable to FDIC-supervised institutions, including permitted payment stablecoin issuers (PPSIs) and insured depository institutions (IDIs) engaged in related custodial or safekeeping services

On March 19, 2026, the federal banking agencies issued a package of proposed changes to the regulatory capital requirements for banking institutions of all sizes, from the largest GSIBs and super-regional banks to community banks. This package of proposals (the “Proposed Rules”) is a second full attempt at implementing the 2017 “Basel III Endgame” international framework—following the agencies’ initial package of proposals in July 2023 (the “2023 NPR”)—to better reflect credit, trading and operational risk in the calculation of regulatory capital ratios.

On March 19, 2026, the federal banking agencies issued a package of proposed changes to the regulatory capital requirements for banking institutions of all sizes, from the largest GSIBs and super-regional banks to community banks. This package of proposals (the “Proposed Rules”) is a second full attempt at implementing the 2017 “Basel III Endgame” international framework—following the agencies’ initial package of proposals in July 2023 (the “2023 NPR”)—to better reflect credit, trading and operational risk in the calculation of regulatory capital ratios.

In Episode 5 of our Debt Sales 101 mini-series, we turn to contracting and closing, where legal structure, regulatory expectations, and commercial terms come together to define the transaction.

The US and European markets for collateralized loan obligation securities (CLOs) in 2025 carried the momentum of a robust 2024 through headwinds from tariff announcements...

Regulatory oversight of debt sales has become more fragmented, active, and state-driven, fundamentally reshaping how buyers and sellers approach transactions.

Connecticut's Department of Banking has taken enforcement action against a lead-generation company for conducting mortgage lead-generation activities without proper state licensing, marking the second time the company has faced such allegations. The case highlights ongoing regulatory scrutiny of licensing compliance in the consumer financial services sector and the consequences of operating without required state authorizations.

On March 19, 2026, the federal banking agencies issued a package of proposed changes to the regulatory capital requirements for banking institutions of all sizes, from the largest GSIBs and super-regional banks to community banks (the “Proposed Rules”). This package of proposals is a second full attempt at implementing the 2017 “Basel III Endgame” international framework—following the agencies’ initial package of proposals in July 2023 (the “2023 NPR”)—to better reflect credit, trading and operational risk in the calculation of minimum regulatory capital ratios.

On March 19, 2026, the federal banking agencies issued a package of proposed changes to the regulatory capital requirements for banking institutions of all sizes, from the largest GSIBs and super-regional banks to community banks. This package of proposals (the “Proposed Rules”) is a second full attempt at implementing the 2017 “Basel III Endgame” international framework—following the agencies’ initial package of proposals in July 2023 (the “2023 NPR”)—to better reflect credit, trading and operational risk in the calculation of regulatory capital ratios.

On 27 April 2026, the staff (Staff) of the Securities and Exchange Commission (SEC) issued a no-action letter that extends to open-end funds, subject to certain conditions, exemptive relief that permits business development companies (BDCs) and registered closed-end funds to co-invest alongside affiliates in transactions otherwise prohibited under Sections 17(d) and 57(a)(4) of the Investment Company Act of 1940, as amended.

In Episode 5 of our Debt Sales 101 mini-series, we turn to contracting and closing, where legal structure, regulatory expectations, and commercial terms come together to define the transaction.

On Monday, the SEC staff issued a no-action letter that allows registered open-end funds, including mutual funds and ETFs, to co-invest under the simplified exemptive orders that it began issuing in 2025.