United States: Finance and Banking

Federal banking regulators have jointly proposed sweeping reforms to U.S. capital requirements, formally rescinding the controversial 2023 Basel III Endgame Framework in favor of a modernized approach that would reduce capital burdens...

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.

Federal banking agencies have issued revised model risk management guidance in SR 26-2, introducing a more explicitly risk-based approach to model governance, validation, and monitoring. While primarily targeting organizations with over $30 billion in assets, the principles-based framework has broader implications for regional and community banks navigating evolving regulatory expectations.

On June 30, 2026, the staff of the Division of Corporation Finance (the “Staff”) of the U.S. Securities and Exchange Commission (“SEC”) issued an exemptive order granting an exemption from Rules 14e-1(a) and (b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), for certain qualifying tender or exchange offers for non-convertible debt securities (“Five Business Day Tender Offers”). The SEC exemptive order supersedes the Staff’s 2015 no-action letter (the “2015 Letter”)[1] relating to Five Business Day Tender Offers and is effective immediately.

Six years after Serta Simmons Bedding (“SSB”) executed its famous, non-ratable uptier liability management transaction, Judge Christopher Lopez of the United States Bankruptcy Court for the Southern District of Texas...

The SEC's Office of Mergers and Acquisitions has issued a new exemptive order allowing tender and exchange offers for non-convertible debt securities to remain open for just five business days instead of the standard 20-day period. This order liberalizes the previous framework by permitting partial offers with proration, narrowing consent solicitation prohibitions, and expanding eligible participants. What are the key conditions that must be met for issuers to take advantage of this abbreviated timeline, an

The New Jersey Appellate Division recently clarified critical aspects of the Uniform Fraudulent Transfer Act (UFTA) in a complex intra-family property dispute involving multiple transfers and mortgage liens. The court addressed when the UFTA can be invoked to void transfers, the enforceability of mortgages lacking promissory notes, and whether revoked LLCs can still enforce their security interests.

As technology continues to creep into all aspects of life, banks and financial institutions have grown to appreciate the acronym “KYC”: Know Your Customer.

In a series of five Mortgagee Letters, the U.S. Department of Housing and Urban Development (HUD) recently modified policies for Federal Housing Administration (FHA) insured residential mortgage loans to reduce...

The Supreme Court's landmark decisions in Trump v. Slaughter and Trump v. Cook fundamentally reshape presidential removal power over federal agency officials, overturning nine decades of precedent while carving out a narrow exception for the Federal Reserve. These rulings dramatically alter the constitutional architecture of independent agencies, with far-reaching implications for regulatory stability and the balance of power between the executive branch and federal regulators.

Is your company evaluating whether—and where—to go public? An initial public offering is a major milestone, and choosing the right listing exchange for your company requires a holistic view of regulatory requirements, market expectations, and strategic considerations across jurisdictions.

The Financial Condition (E) Committee of the National Association of Insurance Commissioners (NAIC) has voted to make significant changes to the Preamble to the Risk-Based Capital (RBC) requirements imposed on insurers, indicating a shift in how regulators perceive the RBC standard and how the insurance industry should navigate it going forward.