On May 8, 2025, the Conference of State Bank Supervisors (“CSBS”) asked the Office of the Comptroller of the Currency (“OCC”) to comply with Executive Orders 14129 and 14267 by reversing its regulations governing national bank preemption.[1] Executive Order 14129 directed federal agencies to rescind unlawful regulations,[2] and Executive Order 14267 directed federal
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What’s New in Digital Asset Policy?
By Melissa Bair & David Hirsch
On May 20, 2025, the Senate cleared procedural obstacles to consider the GENIUS Act on the Senate floor. Originally introduced on Feb. 4, by Senator Bill Hagerty, R-TN, along with Senate Banking Committee Chairman Tim Scott, R-SC, Kirsten Gillibrand, D-NY, and Cynthia Lummis, R-WY, the Guiding and Establishing National Innovation for U.S. Stablecoins of 2025…
Healthcare Fraud Enforcement in a Second Trump Administration: Trends, Priorities, and Implications
On May 12, 2025, the U.S. Department of Justice’s Criminal Division released a policy memorandum outlining its enforcement priorities for the upcoming year. The top priority for the division will be investigating and prosecuting white collar crimes related to waste, fraud and abuse — particularly healthcare fraud. This emphasis on prosecuting healthcare fraud reflects the…
Supreme Court Declines to Narrow Reach of Federal Fraud Law
On May 22, 2025, the Supreme Court published its opinion in Kousisis v. United States, No. 23-909, 605 U.S. __ (2025), holding that one who induces a victim to enter into a transaction under materially false pretenses may be convicted of federal fraud even without the intent to cause the victim economic loss. In…
FDA to Expand Unannounced Inspections of Foreign Facilities — Manufacturers, Research Firms Should Prepare
DOJ Announces Initiative to Use False Claims Act to Investigate DEI Practices
On May 19, 2025, the U.S. Department of Justice announced its new Civil Rights Fraud Initiative, which aims to use the False Claims Act (FCA) to investigate and pursue claims against entities that tolerate antisemitism, allow men to enter women’s spaces or compete in female athletic competitions, or engage in unlawful diversity, equity and inclusion…
States May Not Obtain Civil Money Penalties Under the Consumer Financial Protection Act
There has been much speculation that States will fill the void created by the Trump Administration’s drastic scaling back of the Consumer Financial Protection Bureau. Congress authorized both state attorneys general and state regulators (like New York’s Department of Financial Services and California’s Department of Financial Protection and Innovation) to enforce the Consumer Financial Protection…
Executive Order Initiates Commercial Focus in Federal Procurement Reform
On April 16, 2025, the Trump Administration issued an Executive Order titled “Ensuring Commercial, Cost-Effective Solutions in Federal Contracts,” which establishes the Administration’s policy of procuring “commercially available products and services, including those that can be modified to fill agencies’ needs, to the maximum extent practicable.” This includes procurements made pursuant to the Federal Acquisition…
DOJ Signals Shift in White Collar Enforcement: New Policies Stress Proportionality, Partnership, and Clarity
In a major policy address delivered yesterday at the Security Industry and Financial Markets Association’s (SIFMA) Anti-Money Laundering and Financial Crimes Conference in Washington, D.C., Matthew Galeotti, Head of the U.S. Department of Justice’s (DOJ) Criminal Division, announced a significant shift in how DOJ approaches white collar enforcement. The changes reflect a broader recalibration toward…
Broad Interpretation of CCPA’s Private Right of Action Increases Business Risk to Tracking Technologies Lawsuits
In a recent decision, the U.S. District Court for the Northern District of California has construed the private right of action provision under the California Consumer Privacy Act (CCPA) broadly, which increases business risk to tracking technologies lawsuits that are already rampant.…