United States: Financial Services

A new Executive Order directs federal financial regulators to conduct a 90-day review of rules, guidance, and supervisory practices that may impede fintech firms from partnering with traditional financial institutions or obtaining federal licenses. The order also asks the Federal Reserve to evaluate whether non-bank financial companies, including digital asset firms, can gain more transparent access to Reserve Bank payment accounts and services.

The Commodity Futures Trading Commission has issued a Request for Information seeking public comment on whether existing regulations and guidance are impeding fintech firms from partnering with CFTC-regulated institutions or obtaining required registrations. The RFI implements Executive Order 14405 and extends beyond formal rulemaking to include staff guidance, no-action positions, and supervisory practices that shape market access. For fintech firms, digital asset businesses, and trading technology provide

On June 11, 2025, the U.S. Supreme Court decided FS Credit Opportunities Corp., et al. v. Saba Capital Master Fund, Ltd., et al. (24-345), holding that Section 47(b) of the Investment Company Act of 1940 (ICA) does not create an implied right of action for rescission.

The NAIC's Spring National Meeting addressed critical changes to risk-based capital factors for life insurers' collateral loans, with industry stakeholders debating the appropriate methodology for calculating RBC factors based on loan-to-value ratios and overcollateralization levels.

FINRA has issued Regulatory Notice 26-12 confirming that its existing rules align with recent SEC no-action relief allowing personal services entities owned by registered representatives to receive transaction-based compensation without triggering broker-dealer registration requirements.

Defense financing is moving from the margins of investment conversations toward a more active place in business and financing strategy. During a recent WLG Banking & Finance Group discussion, members discussed how government spending, investor policies, and changing market perceptions are reshaping financing opportunities connected to the defense sector.

The Treasury Department's Financial Crimes Enforcement Network, in coordination with federal banking regulators, has issued guidance identifying the use of Individual Taxpayer Identification Numbers as a potential...

The SEC's Division of Examinations has issued a risk alert highlighting recurring deficiencies in how investment advisers handle economic conflicts of interest...

On 4 June 2026, the Supreme Court unanimously decided Sripetch v. SEC, ruling that the SEC does not need to prove that victims of a securities law violation suffered pecuniary loss to obtain disgorgement.