Worldwide: Financial Services

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.

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.

On May 27, 2026, the CFTC filed a civil enforcement action in the Southern District of New York against Michele Spagnuolo, a Google software engineer accused of misappropriating confidential information concerning Google’s 2025 “Year in Search” rankings and using that information to trade related event contracts on Polymarket.

State attorneys general are increasingly filling the enforcement void left by federal agencies, pursuing fintech companies through coordinated multi-state actions and new state-level regulations. From interest rate caps to product classification disputes, the regulatory landscape is shifting dramatically as states assert authority over digital financial services. Understanding these emerging enforcement patterns and compliance strategies has become critical for financial services companies navigating this f

Congress has passed legislation to reauthorize partial claims with VA-guaranteed home loans, providing relief options for veterans facing foreclosure. The VA has announced implementation timelines for servicers to integrate this program into their systems, with the program opening for submissions in mid-2026.

The IPO market stands at a crossroads as Anthropic files confidentially, SpaceX waits in the wings, and OpenAI reportedly prepares to follow. Are we witnessing the long-awaited reopening of public markets, or simply watching three giants force open a door that remains closed to everyone else?

On June 2, the FDIC, OCC, and the Federal Reserve Board announced updates to a series of interagency supervisory documents to remove references to reputation risk.

Private credit markets in the United States have ballooned to nearly $2 trillion, but mounting redemption pressures and portfolio stress are triggering a wave of litigation against business development companies, fund managers, and service providers. As publicly traded BDCs trade at steep discounts and redemption caps tighten, stakeholders face exposure across securities fraud, fiduciary duty breaches, valuation disputes, and bankruptcy-related claims that will reshape the legal landscape of this rapidly ev

June 4 – Read the newsletter below for the latest Mortgage Banking and Consumer Finance industry news, written by Ballard Spahr attorneys.