Regulatory Activities in Finance

The Securities and Exchange Commission today announced it will hold its third and final outreach event to help firms comply with amendments to Regulation S-P. The event, which is focused on small firms, is open to in-person or virtual attendance, and is…

The Securities and Exchange Commission’s Office of the Advocate for Small Business Capital Formation today published and delivered to Congress its 2025 staff report that serves as a comprehensive and data-rich resource on capital-raising dynamics…

The Securities and Exchange Commission today proposed amendments to the rules that define which registered investment companies, investment advisers, and business development companies qualify as small entities for purposes of the Regulatory Flexibility…

The Securities and Exchange Commission today announced that Nekia Hackworth Jones, Deputy Director of the Division of Enforcement (Southeast), concluded her tenure with the agency on December 26, 2025.“I am thankful to Nekia for answering the call to…

The Securities and Exchange Commission today announced that Cicely LaMothe, Deputy Director of the Division of Corporation Finance, has retired from the agency.“Cicely has gone above and beyond the call of duty over the past twenty-four years to serve…

The Federal Reserve Board approved the application by National Bank Holdings Corporation of Greenwood Village, Colorado, to merge with Vista Bancshares, Inc. and indirectly acquire Vista Bank, both of Dallas, Texas. The Board also approved NBH Bank's merger with Vista Bank and authorized it to establish and operate branches at Vista Bank's existing locations. This regulatory action allows National Bank Holdings Corporation to expand its operations through the acquisition of the Texas-based banking entities. The approval represents a standard bank merger and acquisition transaction subject to Federal Reserve oversight and authorization.

The Office of the Comptroller of the Currency has issued a notice of proposed rulemaking to amend its heightened standards guidelines for covered banks. The proposal would significantly increase the asset threshold for application of these guidelines from $50 billion to $700 billion in average total consolidated assets. This change aims to reduce regulatory burden by focusing the heightened standards on institutions whose size, complexity, and risk profile pose the greatest risk to the banking system. The proposal is part of the OCC's broader effort to tailor regulations and eliminate unnecessary regulatory burden, with a 60-day comment period following Federal Register publication.

The Office of the Comptroller of the Currency has proposed significantly raising the asset threshold for heightened governance and risk management standards from $50 billion to $700 billion in average total consolidated assets. This change would substantially reduce the number of national banks, federal savings associations, and federal branches subject to these enhanced supervisory requirements, which were originally formalized in 2014. The proposal aims to reduce regulatory burden while focusing heightened standards on institutions whose size, complexity, and risk profile pose the greatest systemic risk to the banking system. The OCC is also seeking public comment on additional revisions to make the guidelines less prescriptive, with comments due 60 days after Federal Register publication.

The Office of the Comptroller of the Currency is proposing a preemption determination that would conclude federal law preempts state laws restricting banks' flexibility to decide whether to pay interest on real estate escrow accounts or assess related fees. The proposal specifically targets New York's General Obligations Law section 5-601 and identifies 11 other states with substantively equivalent laws that would also be preempted. This action complements a concurrent OCC proposal to codify national banks' longstanding escrow account powers. The proposed rule would apply to all national banks, federal savings associations, and federal branches, including community banks with up to $30 billion in assets, with comments due 30 days after Federal Register publication.

The Office of the Comptroller of the Currency has issued a notice of proposed rulemaking to formally codify the longstanding authority of national banks and federal savings associations to establish and maintain escrow accounts for real estate lending. The proposal would confirm that banks have discretion to determine the terms and conditions of these accounts, including decisions about investing escrowed funds, assessing fees, and whether to pay interest or other compensation to customers. This rule would apply to all community banks, defined as institutions with up to $30 billion in assets. Comments on the proposed rule are due 30 days after publication in the Federal Register.

The Office of the Comptroller of the Currency has issued two proposals regarding national banks' and federal savings associations' authority over real estate lending escrow accounts. The first proposal seeks to codify the longstanding power of these institutions to establish escrow accounts and exercise business judgment on terms and conditions, including whether to pay interest or assess fees. The second proposal would formally determine that federal law preempts state laws requiring interest payments on escrow accounts, specifically targeting a New York law and substantively equivalent laws in 11 other states. The OCC frames these actions as reducing regulatory burden and promoting economic growth through federal preemption, with comments due 30 days after Federal Register publication.

The Office of the Comptroller of the Currency has announced revised asset-size thresholds for defining small banks and intermediate small banks under the Community Reinvestment Act regulations, effective January 1, 2026. Beginning that date, banks with assets below $1.649 billion as of December 31 of either of the prior two calendar years will be classified as small banks, an increase from the previous $1.609 billion threshold. Intermediate small banks are defined as those with assets of at least $412 million as of December 31 of both prior years and less than $1.649 billion as of December 31 of either prior year, up from the previous $402 million floor. These adjustments reflect a 2.51 percent increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers during the period ending November 2025, as required by regulation.

The Securities and Exchange Commission today filed charges against purported crypto asset trading platforms Morocoin Tech Corp., Berge Blockchain Technology Co. Ltd., and Cirkor Inc. and investment clubs AI Wealth Inc., Lane Wealth Inc., AI Investment…

The Federal Reserve Board has published its biennial report on debit card transactions, summarizing information collected from large debit card issuers and payment card networks. The report, which is required by law, provides data on interchange fees, issuer costs, and fraud losses related to debit card transactions performed in 2023. Interchange fees are payments made by merchants to debit card issuers for each debit card transaction. This publication fulfills the Board's statutory reporting requirement to provide transparency on the economics of debit card transactions in the United States.

The Federal Reserve Board has requested public input on a new "payment account" that eligible financial institutions could use specifically for clearing and settling payments. This account type would be distinct from existing master accounts, featuring no interest payments, no access to Fed credit, and balance caps to reduce payment system risk. The initiative responds to rapid developments in the payments industry and new business models seeking access to Federal Reserve payment services, with the goal of supporting innovation while maintaining payment system safety. Payment accounts would not expand legal eligibility for Fed payment services but could receive streamlined review due to their limited scope and lower risk profile. The comment period will close 45 days after Federal Register publication.

The Office of the Comptroller of the Currency reported that U.S. commercial banks and savings associations generated $18.4 billion in trading revenue during the third quarter of 2025, representing a 10.9 percent increase from the previous quarter and a 12.7 percent increase year-over-year. The agency's quarterly derivatives report shows that 1,221 insured institutions held derivatives, with four large banks controlling 86.3 percent of the total notional amount. Total derivative notional amounts increased by $8.3 trillion to $231.8 trillion in the third quarter, while net current credit exposure decreased by $15.8 billion to $252.0 billion. Interest rate products remained the dominant derivative type, accounting for $154.5 trillion or 66.7 percent of total derivative notional amounts.

The Federal Reserve Board published the first of several staff manuals for supervising the largest and most complex banks, marking a significant step toward increased transparency in bank supervision. Vice Chair for Supervision Michelle W. Bowman emphasized that releasing these previously internal manuals demonstrates the Fed's commitment to public accountability and ensuring supervisory responsibilities are executed appropriately and fairly. The initial manual released covers the LISCC Program and will be updated to reflect the recent name change to GSIB and incorporate supervisory operating principles released in November. Additional manuals covering topics including capital and liquidity planning, recovery and resolution planning, the large bank rating program, enforcement actions, and the risk identification system are expected to be released in early 2026.

The OCC and FDIC issued a joint statement providing permanent supervisory relief for banks extending credit to portfolio companies controlled by investment fund complexes that are principal shareholders of the bank. Under Regulation O, such portfolio companies would typically be considered insiders subject to strict lending limits, but the agencies will not take enforcement action against banks that meet certain conditions when lending to these entities. This statement replaces the previous annual extensions that began in 2019 and will remain effective until the Federal Reserve Board issues a final rule amending Regulation O to address this issue. The relief aims to prevent disruption of existing lending relationships while ensuring banks continue to comply with the Change in Bank Control Act and other applicable banking laws.

The Office of the Comptroller of the Currency announced the termination of six enforcement actions in December 2025. The terminated actions include an amended consent order with Citibank, National Association in Sioux Falls, South Dakota from July 2024, and formal agreements with four community banks: First National Bank of Lake Jackson, The First National Bank of Dennison, The Idabel National Bank, and The National Bank of Coxsackie. Additionally, a cease-and-desist order against UBS AG's Stamford Branch from May 2018 was terminated. The OCC terminates enforcement actions when banks demonstrate full compliance, when non-compliant articles become outdated or irrelevant, or when such articles are incorporated into new actions.

The Office of the Comptroller of the Currency has completed a comprehensive review of its issuances and is rescinding 76 outdated or obsolete documents. This includes 55 OCC issuances published between 1983 and 2023 that are no longer needed, have been replaced by subsequent publications, or have been incorporated into other OCC documents. Additionally, 21 transmittal bulletins issued between 2003 and 2023 that served as cover letters for other documents are being rescinded, though the underlying conveyed documents remain in effect. The rescissions apply to all national banks, federal savings associations, and federal branches and agencies, though not all rescinded issuances originally applied to community banks.

The Federal Reserve Board has withdrawn a 2023 policy statement and issued a new policy statement regarding innovative activities by Board-supervised banks. The 2023 statement had limited state member banks to activities permissible for banks supervised by other federal regulatory agencies, but the financial system and understanding of innovative products have evolved since then. The new policy creates a pathway for both insured and uninsured Board-supervised state member banks to engage in certain innovative activities while maintaining safety and soundness. Vice Chair for Supervision Michelle Bowman stated the change helps ensure the banking sector remains modern and efficient while delivering improved products and services to customers through responsible innovation.

The Office of the Comptroller of the Currency filed an amicus brief with the United States Court of Appeals for the Tenth Circuit in the case National Association of Industrial Bankers v. Weiser, urging the full court to review a panel decision. The OCC argues that the panel's decision undermines the federal interest rate framework Congress established for state banks and creates a competitive disadvantage compared to national banks. The action supports the dual banking system and the preemption of state laws for state-chartered banks as permitted by law. The OCC commended the FDIC for also filing an amicus brief in support of these congressionally-granted benefits, reinforcing the position that competitive equality between state and federally chartered banks should be maintained.

The Office of the Comptroller of the Currency issued proposed guidance for a simplified strategic plan process to help community banks comply with the Community Reinvestment Act. The proposal aims to reduce regulatory burden by providing clarity on measurable goals and simplifying the method for drafting and submitting strategic plans for OCC approval. The strategic plan option allows banks to tailor their CRA examinations based on their community's needs and the bank's capacity, product offerings, and business strategy. This action is part of a broader series of reforms announced by the OCC in October and November 2025 to reduce burden and tailor examination activities for community banks. Comments on the proposed guidance will be accepted for 60 days following publication in the Federal Register.

The Securities and Exchange Commission today announced that financial economist and academic scholar Dr. Joshua T. White will return to the agency beginning the week of Jan. 5, 2026, to serve as its Chief Economist and Director of the Division of…

The Securities and Exchange Commission’s Office of the Investor Advocate today delivered its Report on Activities for the Fiscal Year 2025 to Congress, highlighting the initiatives and work of the office during the fiscal year.The report includes:An…

The FDIC Board of Directors approved a deposit insurance application for Erebor Bank, N.A., a newly chartered national bank to be headquartered in Columbus, Ohio. The bank's business model will focus on providing deposit and lending products to businesses and individuals in the technology, payment systems, investment, and defense industries, including virtual currency market participants. The approval is subject to several conditions, including implementing protocols for deposit account processing in bank failures, maintaining a minimum 12 percent tier 1 leverage ratio during its first three years, and exercising capital call rights if it falls below well-capitalized status. The approval order expires if the bank is not established within 12 months unless extended by the FDIC.

The FDIC Board of Directors approved a 2026 operating budget of $2.49 billion to support the agency's operations and receivership functions. This represents a $487 million decrease, or 16.4% reduction, from the previous year's budget. The budget reduction reflects staffing decreases resulting from workforce optimization efforts conducted in the first half of 2025, during which the agency streamlined operations while maintaining its ability to fulfill statutory missions. The approved budget continues to provide necessary resources for the FDIC's supervision, insurance, and resolution readiness functions to maintain stability and public confidence in the nation's financial system.

The FDIC Board of Directors approved a final rule to streamline processes for establishing and relocating domestic branches and main offices of insured state non-member banks and insured branches of foreign banks. The rule provides that most filings qualifying for expedited processing will be deemed approved three business days after submission and eliminates the FDIC's discretion to remove filings from expedited processing. Additional changes include eliminating filing requirements for de minimis branch facility changes, streamlining filing content requirements, removing public notice and comment requirements, and extending the expiration period for approved filings. The final rule, which is substantially similar to the July 2025 proposal with minor modifications, will take effect 60 days after publication in the Federal Register and is intended to improve speed, certainty, and reduce regulatory burden for branch and main office filings.

The FDIC Board of Directors approved an interim final rule to amend the collection of the special assessment designed to recover losses to the Deposit Insurance Fund from the March 2023 failures of Silicon Valley Bank and Signature Bank. The FDIC estimates total recoverable costs at approximately $16.7 billion as of September 30, 2025, and the rule reduces the assessment rate for the eighth collection quarter to avoid overcollection beyond current loss estimates. The rule establishes mechanisms to provide offsets to regular deposit insurance assessments if the FDIC overcollects, particularly following resolution of litigation with SVB Financial Trust, or to collect a final shortfall assessment if undercollection occurs upon termination of the receiverships. The interim final rule becomes effective upon Federal Register publication with a 30-day comment period.

The FDIC Board of Directors approved a notice of proposed rulemaking to implement application procedures under the GENIUS Act, which allows insured depository institutions to issue payment stablecoins through subsidiaries. FDIC-supervised state nonmember banks and state savings associations must apply to the FDIC for subsidiary approval to become permitted payment stablecoin issuers. The proposed rule establishes requirements for evaluating applications based on statutory factors, processing applications within specified timeframes, and creating an appeal process for denied applications. Comments on the proposed rule will be accepted for 60 days following publication in the Federal Register.

The Federal Reserve Board announced the termination of two enforcement actions that were previously in effect against major financial institutions. The cease and desist order against The Goldman Sachs Group, Inc., which was originally issued on October 22, 2020, was terminated on December 4, 2025. Similarly, the cease and desist order against Metropolitan Commercial Bank, originally dated October 16, 2023, was also terminated on the same date. These terminations indicate that both institutions have satisfied the conditions of their respective enforcement actions and are no longer subject to those regulatory restrictions.

The Office of the Comptroller of the Currency released its Semiannual Risk Perspective for Fall 2025, reporting that the federal banking system remains sound with satisfactory balance sheets, high capital ratios, and strong liquidity positions. The report emphasizes that while financial innovation presents opportunities, insufficient investment in new technologies could pose material risks to long-term bank performance and viability. Key risk themes identified include credit, market, operational, and compliance risks, with particular attention to increasing threats from foreign state-sponsored actors and sophisticated cybercriminal groups targeting the financial sector. The OCC noted that commercial and retail loan delinquencies remain manageable, but banks continue facing challenges from elevated levels of fraud and scams.

The Federal Reserve Board and Consumer Financial Protection Bureau announced updated dollar thresholds for determining which consumer credit and lease transactions fall under Truth in Lending (Regulation Z) and Consumer Leasing (Regulation M) protections in 2026. Based on a 2.1 percent annual increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers as of June 1, 2025, the threshold will be set at $73,400 or less for covered transactions. The agencies are required by law to adjust these thresholds annually based on CPI-W changes. Private education loans and loans secured by real property, including mortgages, remain subject to Regulation Z regardless of loan amount.

The Consumer Financial Protection Bureau, Federal Reserve Board, and Office of the Comptroller of the Currency announced that the 2026 threshold for higher-priced mortgage loans subject to special appraisal requirements will increase from $33,500 to $34,200, effective January 1, 2026. This adjustment reflects a 2.1 percent annual increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers as of June 1, 2025. Under the Dodd-Frank Act, creditors must obtain written appraisals based on physical interior home visits before making higher-priced mortgage loans, but loans at or below this threshold amount are exempt from these requirements. The threshold is adjusted annually to reflect changes in the CPI-W.

The Consumer Financial Protection Bureau, Federal Reserve Board, and Office of the Comptroller of the Currency announced that the 2026 threshold for higher-priced mortgage loans subject to special appraisal requirements will increase from $33,500 to $34,200, effective January 1, 2026. This adjustment reflects a 2.1 percent annual increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers as of June 1, 2025. Under the Dodd-Frank Act, creditors must obtain written appraisals based on physical interior home visits before making higher-priced mortgage loans, but loans at or below this threshold amount are exempt from these requirements. The threshold is adjusted annually to reflect changes in the CPI-W.

The Federal Reserve Board and Consumer Financial Protection Bureau announced the 2026 dollar thresholds for determining which consumer credit and lease transactions fall under the protections of Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing). Based on a 2.1 percent annual increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers as of June 1, 2025, the threshold will be set at $73,400 for 2026. Consumer credit transactions and consumer leases at or below this amount will be subject to the regulations' protections. Private education loans and loans secured by real property, such as mortgages, remain subject to Regulation Z regardless of loan amount. The agencies are required by law to adjust these thresholds annually based on CPI-W changes.

The Office of the Comptroller of the Currency released its Mortgage Metrics Report for the third quarter of 2025, covering approximately 10.5 million loans totaling $2.7 trillion in principal balances, representing about 20 percent of all U.S. residential mortgage debt. The report showed that 97.4 percent of mortgages remained current and performing, unchanged from the previous year, while the percentage of seriously delinquent mortgages also remained stable. Servicers initiated 7,903 new foreclosures during the quarter, representing an increase from both the previous quarter and the prior year, while completing 8,190 loan modifications, of which 94.7 percent were combination modifications involving multiple affordability measures. The OCC announced a transition to a new interactive online format for the quarterly report, providing enhanced transparency and search capabilities for mortgage metric data compiled since the third quarter of 2016.

The Consumer Financial Protection Bureau, Federal Reserve Board, and Office of the Comptroller of the Currency announced that the 2026 threshold for higher-priced mortgage loans subject to special appraisal requirements will increase from $33,500 to $34,200, effective January 1, 2026. This adjustment reflects a 2.1 percent annual increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers as of June 1, 2025. Under the Dodd-Frank Act, creditors must obtain written appraisals based on physical interior home visits for higher-priced mortgage loans, but loans at or below this threshold amount are exempt from these requirements. The threshold is adjusted annually to reflect changes in the CPI-W.

The Office of the Comptroller of the Currency announced conditional approval of five national trust bank charter applications, including two de novo charters for First National Digital Currency Bank and Ripple National Trust Bank, and three conversions from state trust companies for BitGo Bank & Trust, Fidelity Digital Assets, and Paxos Trust Company. These institutions will join approximately 60 other national trust banks under OCC supervision once they meet specified conditions. The OCC applied its standard rigorous review process to each application based on individual merits and applicable statutory and regulatory factors. Comptroller Jonathan V. Gould emphasized that new entrants enhance consumer access to financial products and services while promoting a dynamic and competitive federal banking system that keeps pace with the evolution of finance.

The Federal Reserve Board approved an application by Banco BTG Pactual S.A., a Brazilian bank based in Rio de Janeiro, along with its parent holding companies and its subsidiary BTG Pactual Bancorp, LLC, to acquire M.Y. Safra Bank, FSB, located in New York. This regulatory action represents a cross-border banking acquisition involving a foreign banking organization expanding its presence in the United States financial system. The approval allows the Brazilian financial institution to take ownership of the New York-based federal savings bank. The transaction required Federal Reserve approval under applicable banking laws governing foreign bank acquisitions of U.S. banking institutions.

The Federal Reserve Board approved the application by The PNC Financial Services Group, Inc., headquartered in Pittsburgh, Pennsylvania, to acquire FirstBank Holding Company and its subsidiary FirstBank, both based in Lakewood, Colorado. This regulatory approval allows PNC to proceed with the acquisition transaction, which will expand its banking operations and market presence. The announcement was made on December 11, 2025, at 5:00 p.m. EST, with the full order document made available to the public. This action represents a significant bank merger requiring Federal Reserve oversight and approval under applicable banking regulations.

The Federal Reserve Board announced the reappointment of Federal Reserve Bank presidents and first vice presidents for new five-year terms beginning March 1, 2026. The reappointments followed a comprehensive review process conducted by the boards of directors of each regional Reserve Bank, evaluating performance across dimensions including community engagement, effectiveness as chief executive officers, and contributions to the Federal Reserve System. All twelve Reserve Bank presidents and first vice presidents were assessed, with the Federal Reserve Board providing unanimous concurrence on the reappointments. The evaluation process included input from civic and industry leaders across each district. Raphael Bostic of the Atlanta Fed previously announced his retirement, and leadership transitions were noted for the Chicago Fed's first vice president position.

The Federal Reserve Board announced the termination of multiple enforcement actions against Credit Suisse entities and JPMorgan Chase & Co. The terminated actions include a written agreement from December 2020 involving Credit Suisse Group AG, Credit Suisse AG, Credit Suisse Holdings (USA), Inc., and Credit Suisse AG New York Branch, which was terminated on December 2, 2025. Additionally, a cease and desist order from May 2014 against Credit Suisse Group AG was terminated on December 4, 2025. A separate cease and desist order from March 2024 against JPMorgan Chase & Co. was also terminated on December 4, 2025, indicating that these institutions have satisfied the requirements of their respective enforcement actions.

Comptroller of the Currency Jonathan V. Gould issued a statement at the Financial Stability Oversight Council meeting outlining the OCC's efforts to strengthen bank supervision and regulation. The statement highlighted recent regulatory initiatives aimed at promoting financial stability and increasing lending capacity while reducing regulatory burden on community banks through tailored examination activities. Gould discussed reforms to liquidity risk management and Bank Secrecy Act/anti-money laundering compliance requirements. The Comptroller also signaled upcoming efforts to reinvigorate the de novo bank chartering process to support the broader U.S. economy.

The Federal Reserve Board and Federal Open Market Committee released economic projections following their December 9-10, 2025 meeting. The projections were made available to the public at 2:00 p.m. EST on December 10, 2025, and include both PDF and accessible format materials. These projections represent the economic forecasts and assessments made by FOMC participants during their policy meeting. The release is part of the Federal Reserve's regular communication of monetary policy deliberations and economic outlook to the public and financial markets.

The Federal Reserve's Federal Open Market Committee lowered the target range for the federal funds rate by a quarter percentage point to 3.5 to 3.75 percent, citing elevated uncertainty about the economic outlook and increased downside risks to employment. Economic activity continues to expand at a moderate pace, but job gains have slowed and inflation remains somewhat elevated above the Committee's 2 percent target. The Committee will carefully assess incoming data and the balance of risks when considering future rate adjustments. The vote was split, with one member preferring a larger half-point cut and two members preferring no change to rates at this meeting.

The Office of the Comptroller of the Currency released preliminary findings from its supervisory review of nine large national banks regarding debanking activities between 2020 and 2023. The review, conducted under a presidential executive order, found that these banks made inappropriate distinctions among customers by maintaining policies that restricted access to banking services for certain lawful business sectors including oil and gas, firearms, private prisons, tobacco, and digital assets, sometimes based on activities being contrary to bank values rather than legality. The OCC identified that all nine banks reviewed had such policies or practices in place, with some banks imposing restrictions on industries engaged in activities that were legal but not aligned with their stated values. The agency stated it will hold banks accountable for these actions and continues to review thousands of complaints to identify instances of political and religious debanking.

The Securities and Exchange Commission today charged Canadian citizen Nathan Gauvin and three entities he controls—Blackridge, LLC, Gray Digital Capital Management USA, LLC, and Gray Digital Technologies, LLC—with orchestrating two fraudulent securities…

The Securities and Exchange Commission today announced the agenda and panelists for its Dec. 16, 2025, roundtable on Rule 611 of Regulation NMS and other associated rules and regulatory requirements.The roundtable will be held at the University of Austin…

The Comptroller of the Currency issued a statement expressing concern over the Tenth Circuit Court's decision in National Association of Industrial Bankers v. Weiser, which allows Colorado to impose its interest rate requirements on out-of-state banks lending within Colorado. The Comptroller warns this ruling undermines state banks' ability to manage multi-state lending programs and creates a competitive disadvantage for state banks compared to national banks and federal savings associations operating in Colorado. The statement emphasizes this outcome contradicts Congressional intent to maintain competitive equality between state and federally chartered banks. The Comptroller calls for either judicial or Congressional action to remedy this situation.

The Office of the Comptroller of the Currency issued Interpretive Letter 1188 confirming that national banks have the authority to engage in riskless principal transactions involving crypto-assets as part of their banking business. These transactions allow banks to act as intermediaries by simultaneously entering into offsetting crypto-asset transactions with different customers without holding the assets in inventory, functioning similarly to brokers acting as agents. The OCC emphasized that banks must conduct these activities in a safe and sound manner while complying with all applicable laws and regulations. This interpretive letter clarifies the permissible scope of bank involvement in cryptocurrency transactions within existing regulatory frameworks.

Comptroller of the Currency Jonathan V. Gould addressed efforts to reinvigorate the chartering of new banks at the Blockchain Association Policy Summit, focusing on activities following the 2008 financial crisis. He emphasized the importance of maintaining a robust pipeline of de novo banks for a healthy financial system and outlined the OCC's work to embrace federal chartering authority and encourage new bank formation. Gould highlighted the OCC's extensive history of chartering national trust banks, noting their engagement in non-fiduciary activities that currently manage nearly $2 trillion in assets under custody. The remarks signal the agency's commitment to actively promoting new bank charters as part of its regulatory mandate.

The Office of the Comptroller of the Currency announced it is reopening the application process for de novo national trust bank charters, which has been closed since 2017. This decision aims to expand access to the federal banking system for institutions focused on trust and fiduciary services, including those serving the digital asset industry. The OCC will accept applications from qualified entities seeking to provide trust services under federal supervision, with the agency emphasizing that applicants must demonstrate strong risk management capabilities and compliance frameworks. This policy change reflects the agency's commitment to fostering innovation in financial services while maintaining appropriate regulatory oversight and consumer protection standards.

The Securities and Exchange Commission today announced that Lori J. Schock, who has served as the Director of the Office of Investor Education and Assistance (OIEA) since 2009, will retire from the agency at the end of December.“I have known Lori for…

The Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation are rescinding the 2013 Interagency Guidance on Leveraged Lending and the 2014 related FAQs, effective December 5, 2025. The agencies determined that the guidance was overly restrictive and impeded banks' risk management in leveraged lending, resulting in banks losing market share to nonbanks and pushing this lending activity outside the regulatory perimeter. Additionally, the guidance was never properly submitted to Congress as required under the Congressional Review Act. Banks are now expected to manage leveraged lending exposures using general principles for safe and sound lending rather than the specific 2013 framework, with any future guidance to be issued through a notice and comment process.

The Federal Deposit Insurance Corporation issued its monthly list of state nonmember banks that were evaluated for compliance with the Community Reinvestment Act during September 2025. The CRA, enacted in 1977, requires the FDIC to assess how well banks meet the credit needs of their entire communities, including low- and moderate-income neighborhoods, while maintaining safe and sound operations. Under the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, the FDIC is mandated to publicly disclose evaluation ratings for each examined institution. Banks are required by law to make their individual CRA evaluations available upon request, and the public can also obtain these evaluations through the FDIC's Public Information Center.

The Federal Reserve Board announced an enforcement action against Julio A. Gonzalez, a former employee of Synovus Bank in Columbus, Georgia. The action takes the form of a consent prohibition order related to the misappropriation of customer funds. This enforcement measure was executed on December 5, 2025, and represents regulatory action taken against an individual for misconduct involving customer assets. The Federal Reserve maintains a searchable database of additional enforcement actions on its website.

The Office of the Comptroller of the Currency has updated its guidance on commercial lending to companies in early, expansion, or late stages of corporate development, known as venture loans. The bulletin explicitly states the OCC's policy of not discouraging banks from prudent venture lending activities while emphasizing that bank boards and management must ensure these loans align with risk appetite, are properly documented and underwritten, accurately risk-rated, and sufficiently reserved. Given the higher default risk associated with venture borrowers who may lack sustainable cash flows or sufficient collateral, the guidance requires banks to implement strong risk management practices including appropriate credit enhancements, robust monitoring systems, and realistic assessment of repayment sources. The bulletin clarifies that uncommitted future equity raises and unrestricted declining cash balances are not considered satisfactory primary sources of repayment, and emphasizes that venture loans should be risk-rated based on expected borrower performance and actual repayment capacity rather than optimistic projections.

The Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation are withdrawing from the 2013 Interagency Guidance on Leveraged Lending and the 2014 Frequently Asked Questions that implemented that guidance. The agencies are also rescinding the communications that originally transmitted these documents to banks. Going forward, banks engaged in leveraged lending activities, including purchasing loan participations, will be expected to manage their risks according to general principles of safe and sound lending rather than the specific leveraged lending guidance. Examiners will continue to review banks' underwriting practices, risk ratings, and loan loss reserves using general safe and sound lending principles tailored to each institution's size, complexity, and risk profile.

The Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation are rescinding the 2013 Interagency Guidance on Leveraged Lending and the 2014 Frequently Asked Questions that implemented it. The agencies determined these issuances were overly restrictive and impeded banks' risk management, resulting in banks losing market share to nonbanks and pushing leveraged lending outside the regulatory perimeter. Additionally, the guidance was overly broad, capturing unintended loan types including those to investment-grade companies, and was never properly submitted to Congress as required under the Congressional Review Act. Banks are now expected to manage leveraged lending exposures using general principles for safe and sound lending, with each institution defining its own criteria for leveraged loans while maintaining effective risk management practices tailored to the activity's complexity and risk profile.

The Securities and Exchange Commission’s Crypto Task Force has announced the agenda and panelists for its rescheduled Roundtable on Financial Surveillance and Privacy.“New technologies give us a fresh opportunity to recalibrate financial surveillance…

The Securities and Exchange Commission today announced it will hold the second in its series of compliance outreach events regarding the 2024 adoption of amendments to Regulation S-P. The event, for transfer agents, is a webinar scheduled for December 17…

The Federal Reserve Board is seeking public input on potential strategic changes to its check collection and processing services provided to banks and credit unions. The request comes as check usage has steadily declined, digital payment methods have expanded, check fraud has increased, and the Reserve Banks face the need for substantial infrastructure investments to maintain current service levels. The Board is considering three potential paths: maintaining existing costs with reduced reliability over time, investing in infrastructure to maintain or improve services at higher costs, or significantly reducing or winding down check services entirely. Comments are due within 90 days of Federal Register publication, and the Board has indicated it would seek additional public comment before adopting any strategy with significant long-term effects on the nation's payments system.

The Federal Reserve Board announced pricing for payment services provided by Federal Reserve Banks to banks and credit unions, effective January 1, 2026. These services include check clearing, automated clearing house transactions, instant payments, and wholesale payment and settlement services. By law, the Federal Reserve must set fees to recover all costs, including imputed costs, of providing these services over the long run. The Federal Reserve expects to recover 108 percent of actual and imputed expenses in 2026, with overall price changes resulting in an estimated 0.9 percent average price increase for established, mature services.

The Federal Reserve Board announced an enforcement action against Tahjanae Richardson, a former employee of First Financial Bank in Cincinnati, Ohio. The action consists of a consent prohibition order related to the misappropriation of customer funds. This enforcement measure was executed on December 3, 2025, and represents the Board's regulatory response to employee misconduct involving customer assets. The action is part of the Federal Reserve's ongoing supervision and enforcement activities to maintain integrity in the banking system.

The Office of the Comptroller of the Currency announced the appointment of Brian P. Hudak as Deputy Chief Counsel, where he will advise the Chief Counsel and senior officials on legal, policy, and administrative matters affecting the federal banking system. In this role, Hudak will oversee the OCC's enforcement, litigation, and internal agency matters. He brings nearly two decades of experience from the U.S. Attorney's Office for the District of Columbia, where he most recently served as Civil Chief overseeing thousands of civil cases and personally recovered over $1 billion in civil enforcement actions. Comptroller Jonathan V. Gould emphasized that Hudak's litigation and enforcement expertise will advance the OCC's supervisory mission and ensure regulated institutions remain accountable for statutory and regulatory compliance.

Comptroller Jonathan V. Gould testified before the House Committee on Financial Services regarding the Office of the Comptroller of the Currency's activities and priorities. The testimony focused on the agency's efforts to reset its risk tolerance and refocus supervision on material financial risks to enable banks to better support economic growth. Key initiatives discussed included eliminating debanking practices from the federal banking system, improving capital standards, and implementing the GENIUS Act. The Comptroller also addressed operational improvements within the agency to enhance its regulatory effectiveness.

The Office of the Comptroller of the Currency released Community Reinvestment Act performance evaluations for 32 national banks and federal savings associations that became public during November 2025. Under the CRA, the OCC assesses how well financial institutions meet the credit needs of their entire community, including low- and moderate-income neighborhoods, while maintaining safe and sound operations. Of the 32 institutions evaluated, seven received outstanding ratings while the remaining 25 received satisfactory ratings, with no institutions receiving needs to improve or substantial noncompliance ratings. The evaluated institutions are located across 17 states, with the highest concentration in Illinois, Iowa, and Texas.

The Office of the Comptroller of the Currency announced it will maintain assessment rates for national banks and federal savings associations for the 2026 calendar year at the reduced levels implemented in September 2025. The September 2025 reduction lowered general assessment fee schedule rates by 30 percent for assets up to $40 billion and 22 percent for assets above $40 billion, while independent trust and independent credit card assessment fee schedules were reduced by 22 percent. The maintained 2026 rates will provide the OCC with sufficient resources to ensure adequate staffing to address emerging trends and new technologies while fulfilling its mission to maintain the safety and soundness of the federal banking system. The 2026 assessment rates take effect January 1, 2026, and will apply to assessments paid on March 31, 2026, and September 30, 2026.

The Office of the Comptroller of the Currency is maintaining assessment rates for calendar year 2026 at the reduced levels established in September 2025 for national banks, federal savings associations, and federal branches and agencies of foreign banks. The OCC will now assess new entrants to the federal banking system on a prorated basis between regular assessment cycles, using call report data from December 31 or June 30 depending on entry date, with banks lacking prior call reports assessed at the lowest tier rate. Semiannual assessments remain due March 31 and September 30, with continued application of surcharges for banks rated 3, 4, or 5 under the Uniform Financial Institutions Rating System and a 12 percent discount for non-lead banks. The hourly fee for special examinations and investigations remains unchanged at $137 for calendar year 2026.

Comptroller Jonathan V. Gould issued a statement supporting a congressional report that found the Biden Administration coordinated efforts to prevent banks from engaging with digital assets customers. The OCC has taken transparency measures by publishing all formal bank requests related to digital asset activities under Interpretive Letter 1179 and the agency's responses. The agency has removed references to reputation risk from its handbooks and guidance documents and proposed codifying its elimination from supervisory programs. Consistent with a presidential executive order on fair banking, the OCC is investigating whether large banks unlawfully denied services to digital asset customers or other legal businesses and intends to hold institutions accountable for any violations identified.

The Office of the Comptroller of the Currency, along with the Federal Reserve Board and the Federal Deposit Insurance Corporation, published a request for information seeking input on regulatory reporting burden for institutions that file Consolidated Reports of Condition and Income. The request applies to all banks filing any of the three call report versions and aims to identify sources of regulatory reporting burden. Comments on the request for information must be submitted by January 30, 2026. Banks interested in providing feedback on streamlining call report requirements should contact the Office of the Chief Accountant for further information.

The Federal Deposit Insurance Corporation has released its schedule of financial institutions that will undergo Community Reinvestment Act examinations during the first quarter of 2026, covering January 1 through March 31. Federal regulations require bank and thrift regulators to publish CRA examination schedules at least 30 days before each quarter begins. The examination frequency depends on an institution's asset size and CRA rating, with smaller institutions rated Satisfactory examined no more than once every 48 months and those rated Outstanding examined no more than once every 60 months, absent reasonable cause. The FDIC encourages public comment on institutions scheduled for examination, with all comments received prior to examination completion being considered in the review process.

The Federal Deposit Insurance Corporation published its list of administrative enforcement actions taken against banks and individuals during October 2025. The agency issued eight orders total, consisting of two orders terminating consent orders, four orders of prohibition from further participation, one combined order of prohibition with payment and restitution requirements, and one order terminating a Section 19 order. No administrative hearings are scheduled for December 2025. These enforcement actions are part of the FDIC's ongoing regulatory oversight of financial institutions and industry participants.

The federal bank regulatory agencies issued a final rule modifying certain regulatory capital standards to reduce disincentives for banking organizations to engage in lower-risk activities such as intermediating in U.S. Treasury markets. The rule adjusts leverage capital standards for the largest and most systemically important banking organizations to serve as a backstop to risk-based capital requirements. For depository institution subsidiaries, the final rule caps the enhanced supplementary leverage ratio standard at one percent, making the overall requirement no more than four percent, which differs from the original proposal. The agencies estimate that overall capital levels will remain broadly unchanged, with tier 1 capital requirements for affected bank holding companies reduced by less than two percent. The final rule takes effect on April 1, 2026, with banking organizations having the option to adopt the modified standards beginning January 1, 2026.

The Federal Deposit Insurance Corporation released the public sections of informational filings for six large insured depository institutions with total assets between $50 billion and $100 billion. Under FDIC regulations, covered institutions in this asset range must submit informational filings every three years to support the agency's resolution readiness planning in case of material financial distress or failure. The filing submissions were due by October 1, 2025, and the public portions are now available on the FDIC's website. These filings are part of the FDIC's framework for maintaining preparedness to resolve large bank failures under the Federal Deposit Insurance Act.

The federal bank regulatory agencies have proposed changes to the community bank leverage ratio framework that would reduce the requirement from nine percent to eight percent and extend the grace period for compliance from two to four quarters. The proposal aims to reduce regulatory burden and provide community banks with greater flexibility in capital management while maintaining safety and soundness standards. Banks that opt into this simplified framework are not required to calculate and report risk-based capital ratios, though the leverage ratio would remain double the minimum required for banks not using the framework. The agencies are accepting public comments on the proposal for 60 days after Federal Register publication.

The FDIC Board of Directors approved a final rule updating certain regulatory thresholds to reflect historical inflation and establishing a framework for future inflation-based adjustments. The rule modifies thresholds under 12 CFR part 363 related to annual independent audit and reporting requirements for insured depository institutions. The changes are designed to provide meaningful burden relief for community banks by preserving regulatory thresholds in real terms and avoiding unintended policy consequences. Institutions currently subject to part 363 requirements that fall below the updated thresholds will receive immediate relief when the new thresholds take effect on January 1, 2026.

The Federal Reserve Board approved the application by Steel Newco, Inc. of Peachtree Corners, Georgia, to become a bank holding company through a merger with Synovus Financial Corporation of Columbus, Georgia, and Pinnacle Financial Partners of Nashville, Tennessee. As a result of this transaction, Steel Newco will indirectly acquire Synovus Bank and Pinnacle Bank. The Board also approved the merger of Pinnacle Bank with Synovus Bank, with Pinnacle Bank continuing as a state member bank under Federal Reserve supervision. Additionally, Pinnacle Bank received approval to establish and operate branches at the locations of Synovus Bank.

The Federal Reserve Board released minutes from three discount rate meetings held in October 2025, specifically on October 6, October 20, and October 29. These meetings reviewed and determined the discount rates provided to depository institutions through the discount window. The Board emphasized that its process for setting the discount rate operates independently from the Federal Open Market Committee's process for setting the federal funds rate target range. The minutes were made publicly available on November 25, 2025, as part of the Board's regular disclosure practices regarding discount window operations.

The federal bank regulatory agencies issued a final rule modifying certain regulatory capital standards for the largest and most systemically important banking organizations. The rule adjusts leverage capital standards to reduce disincentives for these institutions to engage in lower-risk activities such as intermediating in U.S. Treasury markets. For depository institution subsidiaries, the final rule caps the enhanced supplementary leverage ratio standard at one percent, making the overall requirement no more than four percent, which differs from the original proposal. The agencies estimate that overall capital levels will remain broadly unchanged, with tier 1 capital requirements for affected bank holding companies decreasing by less than two percent. The rule takes effect April 1, 2026, with an option for early adoption beginning January 1, 2026.

The federal bank regulatory agencies have proposed changes to the community bank leverage ratio framework that would reduce the required ratio from nine percent to eight percent while extending the grace period for compliance from two quarters to four quarters. The community bank leverage ratio, established in 2019, allows qualifying community banks to use a simplified leverage ratio instead of calculating complex risk-based capital ratios. The proposal aims to reduce regulatory burden and provide community banks with greater flexibility in capital management while maintaining safety and soundness standards. The modified framework would still require a leverage ratio double the minimum applicable to banks not using this simplified approach. Public comments on the proposal are due 60 days after Federal Register publication.

The Federal Reserve Board announced a consent prohibition order against Krista Murr, a former employee of Orrstown Bank in Harrisburg, Pennsylvania. The enforcement action was taken in response to the misappropriation of customer funds by the former employee. This prohibition order represents a regulatory measure to address misconduct within a financial institution under the Federal Reserve's supervisory authority. The action was made public on November 25, 2025, and additional enforcement actions can be searched through the Federal Reserve's enforcement database.

The Office of the Comptroller of the Currency has released its schedule for Community Reinvestment Act evaluations to be conducted during the first and second quarters of 2026. The schedule identifies national banks and federal savings associations that will undergo CRA evaluations during this period. The OCC is encouraging public comment on the CRA-related activities of the scheduled banks, with comments to be submitted either directly to the banks at their listed mailing addresses or to the appropriate OCC supervisory office before the month of evaluation. All public comments received before the close of each CRA evaluation will be considered by the OCC.

The Office of the Comptroller of the Currency, Federal Reserve, and FDIC have adopted a final rule modifying enhanced supplementary leverage ratio standards for the largest U.S. banking organizations. The rule reduces the enhanced supplementary leverage ratio requirement for covered institutions from 6 percent to a lower standard calculated as 3 percent plus the lesser of 1 percent or 50 percent of the bank holding company's risk-based capital surcharge. The modification removes the enhanced ratio from the prompt corrective action framework's "well capitalized" definition and instead implements it as a capital buffer that triggers distribution restrictions if breached. The changes are designed to ensure leverage ratios serve as backstops to risk-based requirements rather than binding constraints, thereby reducing disincentives for large banks to participate in low-risk activities like Treasury market intermediation. The rule becomes effective April 1, 2026, with optional early adoption available January 1, 2026, and does not apply to community banks.

The federal bank regulatory agencies issued a final rule modifying certain regulatory capital standards for the largest and most systemically important banking organizations. The rule adjusts leverage capital standards to reduce disincentives for these institutions to engage in lower-risk activities such as intermediating in U.S. Treasury markets. For depository institution subsidiaries, the final rule caps the enhanced supplementary leverage ratio standard at one percent, making the overall requirement no more than four percent, which differs from the original proposal. The agencies estimate that overall capital levels will remain broadly unchanged, with tier 1 capital requirements for affected bank holding companies decreasing by less than two percent. The rule takes effect on April 1, 2026, with an option for early adoption beginning January 1, 2026.

The Office of the Comptroller of the Currency, along with the Federal Reserve and FDIC, has proposed revisions to the Community Bank Leverage Ratio framework to reduce regulatory burden on qualifying community banks. The proposal would lower the minimum CBLR requirement from greater than 9 percent to greater than 8 percent of tier 1 capital divided by average total consolidated assets. Additionally, the grace period for banks temporarily failing to meet qualifying criteria would be extended from two quarters to four quarters, provided they maintain a leverage ratio above 7 percent. The framework applies to community banks with less than $10 billion in total consolidated assets that meet specific prudential criteria and choose to opt into the simplified capital adequacy measure.

The federal bank regulatory agencies have proposed changes to the community bank leverage ratio framework that would reduce the required ratio from nine percent to eight percent. The proposal would also extend the grace period for banks that fall out of compliance from two quarters to four quarters. These modifications aim to reduce regulatory burden and provide community banks with greater flexibility in capital management while maintaining safety and soundness standards. The community bank leverage ratio framework, adopted in 2019, allows qualifying banks to use a simplified leverage ratio instead of calculating complex risk-based capital ratios. Public comments on the proposal are due 60 days after publication in the Federal Register.

The Securities and Exchange Commission today announced that Cristina Martin Firvida, who has served as the Director of the Office of the Investor Advocate since January 2023, will conclude her tenure with the agency at the end of January 2026. As…

The Securities and Exchange Commission’s Investor Advisory Committee will hold a virtual public meeting on Dec. 4, 2025, at 10 a.m. ET. The meeting will be webcast on the SEC website.The committee will host two panels:Regulatory Changes in Corporate…

The Federal Deposit Insurance Corporation announced that its Board of Directors has approved the appointment of Dana T. Wade as Deputy to the Chairman and Chief of Staff. In this position, Wade will advise the Acting Chairman on agency issues, manage day-to-day operations, and oversee all divisions and offices of the FDIC. Wade brings nearly two decades of financial sector experience, including previous roles as Commissioner of the Federal Housing Administration and Assistant Secretary of Housing at HUD, as well as senior positions at the Office of Management and Budget and multiple Congressional committees. She most recently served as an executive at the Peter J. Peterson Foundation and holds degrees in economics from Georgetown University and an MBA from the Wharton School.

FDIC-insured institutions reported a return on assets of 1.27 percent and net income of $79.3 billion in the third quarter of 2025, representing a $9.4 billion increase from the prior quarter. The earnings growth was primarily driven by lower provision expense and higher net interest income, with the net interest margin increasing 9 basis points to 3.34 percent. Asset quality metrics remained generally favorable, though certain loan portfolios including commercial real estate, multifamily, auto, and credit card showed continued weakness above pre-pandemic averages. The Deposit Insurance Fund reserve ratio increased 4 basis points to 1.40 percent, while domestic deposits grew for the fifth consecutive quarter and total loan balances increased 1.2 percent from the prior quarter.

The Office of the Comptroller of the Currency has issued a request for information seeking public comment on challenges community banks face when engaging with core service providers and other essential third-party service providers. The RFI addresses issues including contract negotiations, fees, billing practices, oversight, due diligence, innovation, core conversions, data access, and interoperability. The agency is also soliciting input on potential actions the OCC could take to address these challenges, including possible burden reduction related to supervisory practices and third-party risk management guidance. Comments must be submitted within 60 days of publication in the Federal Register, and the RFI does not impose any obligations or create any rights.

The Office of the Comptroller of the Currency is immediately discontinuing its annual Money Laundering Risk System data collection from community banks, a requirement that has been in place since 2005. The MLR System previously required community banks to provide information on products, services, and customers that could pose elevated money laundering and terrorist financing risks. The OCC has determined it can assess these risks through less burdensome means, including tailored information requests during on-site examinations, similar to its approach with larger institutions. Community banks are still expected to understand their money laundering and terrorist financing risks and comply with Bank Secrecy Act requirements, but will no longer need to categorize their operations according to the MLR System's prescriptive data collection requirements.

The Office of the Comptroller of the Currency has issued new Community Bank Minimum BSA/AML Examination Procedures that will take effect for examinations beginning February 1, 2026. These procedures are designed to reduce regulatory burden on community banks with up to $30 billion in assets by tailoring examination activities to institutions that generally present lower money laundering and terrorist financing risks. The new framework emphasizes examiner discretion in several key areas, including the ability to rely on satisfactory independent testing, carry forward prior examination conclusions for training and compliance officer assessments when risk profiles remain stable, and determine whether transaction testing is necessary or if analytical reviews are sufficient. This initiative reflects the OCC's ongoing commitment to improving the effectiveness and efficiency of the BSA/AML regime while reducing unnecessary burden on smaller institutions.

The Office of the Comptroller of the Currency announced supervisory and regulatory actions to reduce burden for community banks, recognizing their essential role in small business lending and economic growth. The agency issued tailored Bank Secrecy Act/Anti-Money Laundering examination procedures for community banks based on their generally low money laundering risk profiles, moving away from minimum examination procedures that were unduly burdensome. The OCC also discontinued its Money Laundering Risk system data collection to improve compliance effectiveness while reducing unnecessary burden. Additionally, the agency issued a request for information to understand challenges community banks face with core service providers and other third-party service providers, seeking input on barriers to competitiveness and potential regulatory solutions.

The Consumer Financial Protection Bureau's Supervision Division announced significant changes to its examination approach, introducing a "Humility Pledge" that examiners must read to supervised entities before conducting exams. The new policy focuses supervision resources on pressing consumer threats, particularly affecting service members and veterans, while avoiding duplication with state regulators. Key changes include providing advance notice of examinations, limiting information requests to defined exam scopes, reducing examination times from eight weeks, and emphasizing pattern and practice violations with identifiable consumer harm rather than expansive data collection. The Bureau aims to work collaboratively with entities, encouraging self-reporting and resolving issues through supervision rather than enforcement actions. Supervised entities experiencing inconsistencies with these principles are encouraged to contact designated CFPB officials directly.

The Federal Reserve announced the winners of its 22nd annual College Fed Challenge, a national competition for undergraduate students focused on understanding U.S. economic conditions, monetary policymaking, and the Federal Reserve's role. Pace University from New York won first place, with Harvard College and UCLA taking second and third respectively. The competition involved 139 schools from 36 states, with teams analyzing economic and financial conditions to formulate monetary policy recommendations modeled after the Federal Open Market Committee process. Teams were evaluated on their economic analysis, responses to judges' questions, teamwork, and presentation skills, with Federal Reserve Chair Jerome Powell commending participants for their dedication and analytical capabilities in addressing real-world economic challenges.

The Federal Reserve Board released results from its Senior Financial Officer Survey, which gathered information from banks holding approximately three-fourths of total banking system reserve balances. The survey, conducted in collaboration with the Federal Reserve Bank of New York between September 19 and September 29, 2025, examined banks' strategies and practices for managing reserve balances, their expectations for balance sheet changes, deposit pricing strategies, and their outlook on stablecoins and digital assets. This survey serves as a tool for the Board to monitor how financial institutions are managing their reserve positions and adapting to evolving financial technologies. The results provide insight into banking sector liquidity management and emerging trends in digital asset considerations among major financial institutions.

The Federal Reserve Board has announced an extension of the comment period for its proposal to improve stress test model and scenario transparency and accountability. The comment period, originally set to close on January 22, 2026, has been extended until February 21, 2026, to provide interested parties additional time to analyze the issues and prepare their submissions. The extension applies specifically to the transparency and accountability proposal, while comments on the separate proposal regarding 2026 stress test scenarios remain due on December 1, 2025. This action affects the Enhanced Transparency and Public Accountability of the Supervisory Stress Test Models and Scenarios, along with modifications to the Capital Planning and Stress Capital Buffer Requirement Rule, Enhanced Prudential Standards Rule, and Regulation LL.

The Securities and Exchange Commission’s Crypto Task Force has rescheduled its Financial Surveillance and Privacy Roundtable, previously scheduled for October, to Monday, Dec. 15, 2025.“I am looking forward to getting this event back on the calendar…

The Securities and Exchange Commission announced today that it will hold a roundtable on Dec. 16, 2025, to discuss Rule 611 of Regulation NMS and other, associated rules and regulatory requirements. This roundtable is a follow-up to the SEC’s Sept. 18,…

The Office of the Comptroller of the Currency released its November 2025 enforcement actions, announcing no new actions against banks but several actions involving individuals affiliated with banks. An Order of Prohibition was issued against Amy Jo Reid, former Senior Vice President at Associated Bank, for misusing purchasing cards for at least $411,000 in personal expenses and providing false documentation. A Personal Cease-and-Desist Order was issued against Claudia Russ Anderson, former Community Bank Group Risk Officer at Wells Fargo Bank, related to the bank's sales practices misconduct. The OCC also terminated enforcement actions against Blue Ridge Bank and The First National Bank of St. Ignace after both institutions demonstrated compliance with previous orders addressing Bank Secrecy Act violations, unsafe practices, and capital management issues.

The Federal Reserve released the minutes of the Federal Open Market Committee meeting held on October 28-29, 2025. The minutes were published on November 19, 2025, following the standard three-week release schedule after policy decisions. The document provides information about economic and financial conditions as they were known to the Committee at the time of the meeting. The actual content of the policy discussions and decisions from this FOMC meeting would be contained in the full minutes document, which is available in HTML and PDF formats on the Federal Reserve Board's website.

The Federal Reserve Board announced enhancements to its bank supervision framework through new supervisory operating principles distributed to all Federal Reserve supervisory leadership and staff. The principles focus examiners on material financial risks that threaten the safety and soundness of banks and emphasize taking timely, proportionate action to address those risks. The enhancements aim to align bank examinations and ratings with material financial risks, reduce duplication between different supervisors' exams, and streamline the remediation process for supervisory issues. The Federal Reserve is training examiners for prompt implementation and plans to formalize these principles through public supervisory guidance or regulatory changes where appropriate.

The Office of the Comptroller of the Currency issued Interpretive Letter 1186 confirming that national banks have the authority to hold certain crypto-assets as principal on their balance sheets for specific operational purposes. Banks may hold crypto-assets necessary to pay network fees, commonly known as gas fees, on blockchain networks when facilitating otherwise permissible banking activities. The guidance also permits banks to hold crypto-assets needed for testing crypto-asset-related platforms, whether developed internally or obtained from third parties. All such activities must be conducted in a safe and sound manner and in compliance with applicable law.

The DFPI announced that a Concord-based lender, Apoyo Financiero, Inc., must pay a hefty $1 million penalty for charging excessive interest and fees to its customers.

The DFPI announced that a Concord-based lender, Apoyo Financiero, Inc., must pay a hefty $1 million penalty for charging excessive interest and fees to its customers.

The Securities and Exchange Commission’s Division of Examinations today released its 2026 examination priorities. The Division publishes its annual examination priorities to provide transparency to registrants and investors about the topics that the…

The federal bank regulatory agencies, as members of the Federal Financial Institutions Examination Council, released data on small business, small farm, and community development lending activity during 2024. The Community Reinvestment Act regulations mandate that these agencies disclose this lending data on an annual basis. The FFIEC prepared aggregate reports covering small business and small farm lending for each metropolitan statistical area and county across the United States and its territories. This data release fulfills the agencies' regulatory obligation to provide transparency regarding financial institutions' lending activities in their communities.

The Federal Reserve Board announced an enforcement action against Nicholas Sheeley, a former employee of Commerce Bank in Kansas City, Missouri, issuing a consent prohibition order related to the misappropriation of customer funds. The Board also terminated two previously issued cease and desist orders, one against Société Générale S.A. from Paris, France, originally dated November 19, 2018, and another against Industrial and Commercial Bank of China Ltd. and its New York Branch, originally dated March 12, 2018. Both terminations became effective on November 5, 2025. These actions represent routine enforcement activities by the Federal Reserve in its supervisory capacity over banking institutions and their employees.

The federal bank regulatory agencies, as members of the Federal Financial Institutions Examination Council, released data on small business, small farm, and community development lending activity during 2024. This annual disclosure is required under Community Reinvestment Act regulations and includes aggregate reports for each metropolitan statistical area and county across the United States and its territories. The data release fulfills the agencies' regulatory obligation to provide transparency on lending patterns in these key community development categories. Supporting materials including detailed data tables and a fact sheet have been made publicly available through the FFIEC.

The Office of the Comptroller of the Currency issued version 1.1 of the Servicemembers Civil Relief Act booklet in the Comptroller's Handbook, replacing the March 2021 version. The updated booklet eliminates the previous requirement to conduct SCRA examinations with transaction testing at least once every three supervisory cycles, instead applying a risk-based supervision approach. The revision clarifies language regarding servicemember verification and distribution of excess payments, and removes references to reputation risk in accordance with the OCC's March 2025 policy change. The booklet provides guidance for examiners on consumer protections available to servicemembers under the SCRA and applies to all national banks, federal savings associations, and federal branches.

The Securities and Exchange Commission today announced that Antonia M. Apps, Deputy Director of the Division of Enforcement (Northeast), will conclude her tenure with the agency effective Dec. 1, 2025. “I thank Antonia for her steadfast leadership in…

The Federal Reserve Board approved an application by ID Bank CJSC, a financial institution based in Yerevan, Armenia, to establish a representative office in Glendale, California. This approval was announced on a Wednesday at 5:00 p.m. EST and represents a standard regulatory action under the Federal Reserve's authority to oversee foreign banking organizations operating in the United States. The establishment of a representative office allows the foreign bank to maintain a presence in the U.S. for liaison and representational purposes without conducting banking operations. This type of approval is part of the Federal Reserve's ongoing supervision of foreign banking entities seeking to expand their footprint in American markets.

The Consumer Financial Protection Bureau filed a court notice stating it cannot legally request funds from the Federal Reserve at this time. The Department of Justice's Office of Legal Counsel determined that the Federal Reserve System currently lacks "combined earnings" from which the Bureau may draw funding as required under the Dodd-Frank Act. This OLC opinion is binding on all Executive Branch agencies including the CFPB. The Bureau expects to have sufficient funds to continue operations through at least December 31, 2025.

The Federal Deposit Insurance Corporation issued its monthly list of state nonmember banks that were evaluated for compliance with the Community Reinvestment Act during August 2025. The CRA, enacted in 1977, requires the FDIC to assess how well banks meet the credit needs of their entire communities, including low- and moderate-income neighborhoods, while maintaining safe and sound operations. Under the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, the FDIC is mandated to publicly disclose evaluation ratings for each examined institution. Individual bank CRA evaluations are available directly from the banks themselves or through the FDIC's Public Information Center, and a consolidated list of all evaluated state nonmember banks since July 1990 can be obtained from the agency.

The Federal Deposit Insurance Corporation published a list of administrative enforcement actions taken against banks and individuals during September 2025. The FDIC issued 11 orders and two adjudicated Decisions and Orders during that month, consisting of four prohibition orders, one combined prohibition order and order to pay, two orders terminating consent orders, four orders of termination of insurance, and two adjudicated Decisions and Orders. The agency announced that no administrative hearings are scheduled for November 2025. These enforcement actions are part of the FDIC's ongoing regulatory oversight of the banking industry and represent disciplinary measures against institutions and individuals that violated banking regulations.

The Securities and Exchange Commission today issued an order granting temporary exemptive relief from certain compliance dates adopted under Regulation NMS: Minimum Pricing Increments, Access Fees and Transparency of Better Priced Orders as follows:…

DFPI today announced that it has taken action against multiple crypto kiosk operators, including Nevada-based LSGT Services, LLC (Coinhub), which must pay a total of $675,000.

The Federal Reserve Board and FDIC released the public sections of resolution plans for 15 large banking organizations, including five domestic and 10 foreign institutions that were required to submit these plans by October 1, 2025. These resolution plans, known as living wills, are mandated by the Dodd-Frank Act and describe each firm's strategy for orderly resolution under bankruptcy in the event of material financial distress or failure. The agencies also released a public summary of Capital One Financial Corporation's interim update to its resolution plan following its recent acquisition of Discover, with a full resolution plan required by July 1, 2026. The public sections of all resolution plans and updates are available on both the FDIC's and Federal Reserve Board's websites.

The DFPI announced today that after taking legal action, a California-based company, Safeguard Metals LLC (Safeguard Metals), and its owner, Jeffrey Santulan, also known as Jeffrey Ikahn or Jeffrey Hill (Santulan), has been ordered to pay more than $51 million to those they defrauded and in costly penalties.

The federal bank regulatory agencies announced the withdrawal of the interagency Principles for Climate-Related Financial Risk Management for Large Financial Institutions, which were originally issued in October 2023. The agencies determined that separate principles for climate-related financial risk are unnecessary because existing safety and soundness standards already require all supervised institutions to maintain effective risk management appropriate to their size, complexity, and activities. All institutions are expected to identify and address all material financial risks and maintain resilience against a range of risks, including emerging ones. The rescission became effective immediately upon announcement, with the OCC having withdrawn its participation earlier in the year.

The Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation have issued a joint notice of proposed rulemaking to eliminate reputation risk from their supervisory programs. The proposal would define reputation risk and prohibit regulators from criticizing or taking adverse action against financial institutions based on reputation risk considerations. The rule would also prevent agencies from requiring or encouraging institutions to close customer accounts or take actions based on individuals' or entities' political, social, cultural, or religious views, constitutionally protected speech, or lawful business activities perceived to present reputation risk. This rulemaking responds to concerns raised in Executive Order 14331 regarding the use of reputation risk as a pretext for restricting law-abiding individuals' and businesses' access to financial services based on their beliefs or lawful activities.

The Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation issued a joint notice of proposed rulemaking to focus bank supervision on material financial risks. The proposal would establish a uniform definition of "unsafe or unsound practice" under section 8 of the Federal Deposit Insurance Act, promoting greater clarity in enforcement and supervisory standards. The rule aims to ensure bank supervisors prioritize material financial risks over nonfinancial concerns such as policies, processes, and documentation. Additionally, the proposal would establish uniform standards for communicating matters requiring attention and non-binding supervisory observations during examinations, while providing for tailored enforcement actions. Comments on the proposal are due 60 days after publication in the Federal Register.

The Federal Deposit Insurance Corporation issued its monthly list of state nonmember banks that were evaluated for compliance with the Community Reinvestment Act during July 2025. The CRA is a 1977 law requiring the FDIC to assess how well banks meet the credit needs of their entire communities, including low- and moderate-income neighborhoods, while maintaining safe and sound operations. Under the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, the FDIC must publicly disclose evaluation ratings for each bank examined under the CRA. Individual bank CRA evaluations are available directly from the banks themselves or through the FDIC's Public Information Center, and a consolidated list of all evaluated state nonmember banks since July 1990 is accessible to the public.

Federal financial institution regulatory agencies have issued a reminder that lenders may continue to make loans subject to federal flood insurance statutes even when the National Flood Insurance Program is unavailable. During such lapses, lenders are permitted to make these loans without requiring federal flood insurance, though they must still conduct flood determinations, provide proper notices to borrowers, and comply with other applicable flood insurance regulations. The agencies emphasize that lenders should evaluate and prudently manage safety and soundness and legal risks during these lapse periods. The guidance references the Interagency Questions and Answers Regarding Flood Insurance and also addresses the availability and use of private flood insurance as an alternative.

The Federal Deposit Insurance Corporation announced five senior leadership appointments to key positions within the agency. Ryan Billingsley was appointed Director of the Division of Risk Management Supervision, overseeing safety and soundness examination and supervision of insured commercial banks and savings institutions. Matthew P. Reed was appointed FDIC General Counsel after serving in an acting capacity since January 2025. Alex LePore was named Deputy to the Chairman for Policy to oversee regulatory initiatives and stakeholder coordination, while Mark L. Handzlik was appointed Special Advisor to the Chairman to provide policy analysis and strategic counsel. Dan Marcotte, a 35-year FDIC veteran, was appointed FDIC Ombudsman to serve as an independent liaison between the agency and entities experiencing problems with FDIC supervisory, examination, or resolution activities.

The Federal Deposit Insurance Corporation published its list of administrative enforcement actions taken against banks and individuals during August 2025. The FDIC issued a total of 14 orders and one notice during this period, which included two orders of prohibition, three consent orders, three orders terminating consent orders, and six orders terminating a total of 100 waiver orders. No administrative hearings are scheduled for October 2025. These enforcement actions are part of the FDIC's ongoing regulatory oversight of the banking industry and are publicly available on the agency's website.

The Federal Deposit Insurance Corporation released the results of its annual Summary of Deposits survey as of June 30, 2025, providing deposit totals for each of the more than 76,000 domestic offices operated by over 4,400 FDIC-insured institutions. The Summary of Deposits includes historical data dating back to 1994 and allows users to analyze deposit information through online reports, tables, and downloads. Users can locate bank offices by geographic area and create custom market share reports for states, counties, and metropolitan statistical areas to assess market growth and institutional presence. The FDIC provides tutorials for navigating the website and offers a subscription service for annual updates to the Summary of Deposits data.