News & Analysis as of

Banking Sector Regulatory Oversight

Nutter McClennen & Fish LLP

The GENIUS Act is Signed into Law: What Banks Need to Know about Payment Stablecoins

On July 18, 2025, President Trump signed into law the Guiding and Establishing National Innovation for U.S. Stablecoins Act (the “GENIUS Act”), after it passed both the U.S. Senate by a vote of 68-30 and the U.S. House in a...more

Sheppard Mullin Richter & Hampton LLP

Senate Confirms Jonathan Gould as Comptroller of the Currency

On July 10, 2025, the U.S. Senate confirmed Jonathan Gould as Comptroller of the Currency in a 50–45 vote. Gould will serve a five-year term and returns to the OCC, where he previously served as Chief Counsel and Senior...more

Orrick, Herrington & Sutcliffe LLP

FDIC withdraws proposed rule on industrial banks and loan companies

On July 15, the FDIC Board withdrew a proposed rule concerning the oversight of parent companies of industrial banks and industrial loan companies. The withdrawal means the FDIC no longer intends to issue a final rule on...more

Orrick, Herrington & Sutcliffe LLP

OCC’s new comptroller of the currency is Jonathan Gould

On July 15, the OCC announced that Jonathan V. Gould has taken office as the 32nd comptroller of the currency, following his nomination by President Donald J. Trump on February 11 and confirmation by the U.S. Senate on July...more

GeoDataVision

Top challenges with Compliance Management

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This episode explores key compliance challenges banks will face in 2025, highlighting regulatory expectations, technological advancements, and strategies for staying ahead. ...more

Vedder Price

Jonathan Gould Confirmed as Comptroller of the Currency

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On Thursday, July 10, 2025, the U.S. Senate confirmed Jonathan Gould to serve as the next Comptroller of the Currency in a 50–45 vote. Gould will succeed Acting Comptroller Rodney Hood, who offered his congratulations and...more

A&O Shearman

UK House of Lords committee launches call for evidence on growth of private markets

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The House of Lords Financial Services Regulation Committee (the Committee) has launched a call for evidence as part of its inquiry into the growth of private markets in the UK following the regulatory reforms introduced after...more

Wilson Sonsini Goodrich & Rosati

Association of State Financial Regulators Issues Guidance on Virtual Currency for Licensed Money Transmitters

Recognizing the evolving landscape of digital finance, the Conference of State Bank Supervisors (CSBS), an association of state financial regulators, issued advisory guidance on the treatment of virtual currency held on a...more

A&O Shearman

BoE and PRA publish annual reports

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The Bank of England (BoE) and Prudential Regulation Authority (PRA) have published a series of annual reports, which are set out below. - BoE Annual Report and Accounts. The BoE has set out its strategic investment...more

Troutman Pepper Locke

CSBS Issues Guidance on Virtual Currency and Tangible Net Worth

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On June 26, the Conference of State Bank Supervisors (CSBS) released new guidance regarding the treatment of virtual currency in the calculation of a licensee’s tangible net worth under the Money Transmission Modernization...more

Skadden, Arps, Slate, Meagher & Flom LLP

A Plan To Authorize and Regulate Stablecoins Could Soon Become US Law

Key Points - - On June 17, 2025, the U.S. Senate passed, with a 68-30 vote, legislation that would authorize and regulate the issuance of stablecoins. Referred to as the GENIUS Act, the bipartisan bill must be passed by...more

Skadden, Arps, Slate, Meagher & Flom LLP

The Capital Ratio Podcast | Entering the US Banking Market

When crafting an entry into the U.S. markets, U.K. and European financial institutions need to carefully plan an appropriate strategy. Sebastian Barling, host of “The Capital Ratio” is joined by financial institutions...more

A&O Shearman

BoE renews statement of commitment

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The Bank of England (BoE) has announced it has renewed its statement of commitment to the FX Global Code, based on the revised code dated December 2024. The FX Global Code outlines principles of good practice in the foreign...more

A&O Shearman

Regulatory monitoring - June 2025

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The EBA published a keynote speech delivered by its Chairperson, José Manuel Campa, at a high-level meeting for European supervisors in Ljubljana, Slovenia, on the importance of an efficient and effective financial services...more

A&O Shearman

EBA review of RTS under PAD

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The European Banking Authority (EBA) has published a report and accompanying press release, on its review of the regulatory technical standards (RTS) under the Payment Accounts Directive concerning standardised terminology...more

Orrick, Herrington & Sutcliffe LLP

OCC releases June 2025 enforcement actions

On June 18, the OCC announced enforcement actions against national banks, federal savings associations, and individuals currently or previously affiliated with supervised institutions. The OCC entered into three agreements...more

Sheppard Mullin Richter & Hampton LLP

OCC Enters Consent Orders Against New York-based Bank

On May 14, the OCC entered into a formal agreement with a New York-based bank after determining that the institution is in “troubled condition.” In its findings, the OCC cited alleged unsafe or unsound practices tied to the...more

Kohrman Jackson & Krantz LLP

Federal Reserve Signals Shift Toward Pragmatic Banking Regulation

With a focus on pragmatic and risk-based oversight, new leadership at the Federal Reserve signals a shift in the regulatory landscape for U.S. banks. Earlier this month, the Senate confirmed Federal Reserve Governor Michelle...more

Orrick, Herrington & Sutcliffe LLP

Prudential regulators issue RFI on payments fraud

On June 13, the OCC, the Fed, and the FDIC jointly issued an RFI seeking public input on ways to address rising payments fraud, with a particular emphasis on check fraud. The request for information seeks stakeholder feedback...more

Orrick, Herrington & Sutcliffe LLP

District court receives amici request to participate in oral argument

On June 13, the U.S. District Court for the District of North Dakota received a motion from two amici curiae seeking leave to participate in oral arguments scheduled for July 23 on the parties’ cross motions for summary...more

Shumaker, Loop & Kendrick, LLP

Client Alert: Senate Passes GENIUS Act

The recent advancement of the GENIUS Act marks a turning point in the regulatory treatment of stablecoins in the United States, establishing a federal framework for the issuance and supervision of payment stablecoins. The...more

A&O Shearman

ECB Decision (EU) 2025/1148 on access by Non-Bank Payment Service Providers to TARGET published in OJ

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The Decision (EU) 2025/1148 of the European Central Bank (ECB) adopted on 2 June, has been published in the Official Journal of the European Union. This decision amends Decision (EU) 2025/222 concerning access by non-bank...more

A&O Shearman

EBA opinion on PSD2 and MiCAR

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The European Banking Authority (EBA) has issued an opinion (referred to as the No Action letter) in response to a request from the European Commission (EC) in December 2024, on the interplay between Payment Services Directive...more

Orrick, Herrington & Sutcliffe LLP

Senate Banking Committee proposes to reduce CFPB’s funding to zero

On June 6, the Senate Banking, Housing, and Urban Affairs Committee released its proposed amendment to H.R. 1, the “One Big Beautiful Bill Act,” which included a proposed reduction in the amount of funds the CFPB can annually...more

Orrick, Herrington & Sutcliffe LLP

Senators urge Senate Banking Committee to amend CFPB funding

On June 9, Sen. Elizabeth Warren (D-MA) and other Democratic senators sent a letter to Sen. Tim Scott, Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, insisting the Committee to hold a markup on...more

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