On March 3, 2025, the Securities and Exchange Commission’s Division of Corporation Finance issued new guidance expanding the availability of confidential (nonpublic) review of draft registration statements (DRS).
Financial Services Observer
Blog Authors
Latest from Financial Services Observer
The Current And Future State Of Bank-Fintech Partnerships
Since taking office, President Trump reduced the Consumer Financial Protection Bureau’s influence by appointing Russell Vought as acting director, who paused rulemaking, enforcement, and other CFPB activities. This shift impacts bank-fintech partnerships, requiring industry adjustments.…
CFTC Issues Enforcement Advisory on Benefits of Self-Reporting, Cooperation, and Remediation
On Feb. 25, the CFTC’s Division of Enforcement released an advisory highlighting the benefits of self-reporting, cooperation, and remediation for violations of the Commodities Exchange Act. It refines the Division’s approach, guiding how these factors influence enforcement recommendations.…
Trump Nominates McKernan to Be CFPB Director
On Feb. 11, 2025, President Trump nominated Jonathan McKernan to be the next director of the Consumer Financial Protection Bureau (CFPB). If confirmed by the Senate, McKernan would replace Russell Vought, who President Trump designated as acting director of the CFPB on Feb. 7, 2025, a day after Vought was confirmed as the director of…
CTA UPDATE: Enforcement Remains Suspended Despite U.S. Supreme Court Granting Stay of Preliminary Injunction
On Jan. 23, 2025, the U.S. Supreme Court granted the U.S. government’s request for a stay (SCOTUS Order) of the nationwide preliminary injunction of the Corporate Transparency Act (CTA) issued by the U.S. District Court for the Eastern District of Texas in Texas Top Cop Shop, Inc. v. McHenry. According to the brief order, the stay remains…
CFPB Plans Personal Lender Oversight, Funds Access Rules
The Consumer Financial Protection Bureau (CFPB) said it plans to pursue rulemaking aimed at increasing the availability of deposited funds at banks and bringing larger non-bank personal lenders under the agency’s supervision.
CFPB Guidance and State Consumer Protection: 2025 Considerations
To get ahead of potential staffing and priority changes under the new administration, on Jan. 14, 2025, the Consumer Financial Protection Bureau (CFPB) issued guidance to state attorneys general and other regulatory bodies regarding consumer protection enforcement.
US Fair Access and Anti-Debanking Laws: What to Expect Under the New Administration
5 Trends to Watch: 2025 Financial Services Litigation
By Paul Ferak
This blog post highlights key trends in financial services litigation for 2025, including the rise in payments litigation, mass and international arbitration, and increased scrutiny on AML and KYC compliance. It also discusses changing regulatory risks, challenges from digital currencies, and the impact of new technologies and AI on legal disputes.…
California DFPI Finalizes New Earned Wage Access Regulations
In October 2024, the California DFPI finalized regulations for providers of income-based advances (Earned Wage Access or EWA), clarifying registration requirements under the California Consumer Financial Protection Law (CCFPL). These changes impose new compliance obligations for businesses offering EWA products to California consumers.
This GT Alert summarizes the regulation’s highlights.