Financial regulations

The SEC had sued the cryptocurrency exchange for allegedly operating as an unregistered securities exchange, broker, dealer and clearing agency. The case was dropped with prejudice.

A new Office of External Relations and Strategic Partnerships will continue the work of helping banks develop affordable credit for consumers lacking a credit score using untraditional methods of determining creditworthiness, the agency's acting head said.

After eight years of delay, the Consumer Financial Protection Bureau could still make last-minute changes to the payday rule, which sweeps in the buy now/pay later industry.

The superregional in Pittsburgh said banks large enough to attract its attention have yet to put themselves on the sale block. PNC's finance chief said, "We just have to be ready if and when those windows open."

Money remittance provider Wise said it "strongly disagrees" with the Consumer Financial Protection Bureau's characterization that it advertised inaccurate fees and did not properly disclose exchange rates.

The National Treasury Employees Union told employees not to respond to the mass email asking federal workers to resign. The chief of staff at the Consumer Financial Protection Bureau said it is reviewing the directive.

Industry representatives such as the European Banking Federation are lobbying the European Commission to push back stricter capital standards rules until the beginning of 2027.

Whoever is named SEC chair by the president-elect is likely to take a lighter hand on crypto, AI and "regulation by enforcement."

At the Most Powerful Women in Banking conference this week, New York's top banking regulator said banks need to take full responsibility for the artificial intelligence models they use, even if they bought them from a third party.

Sen. Tim Johnson, a former three-term senator and five-term U.S. representative for South Dakota, died after complications from a recent stroke.