Law and regulation

The Trump administration wants the Small Business Administration to shrink its workforce by 43%. At the same time, the agency is being asked to start managing the federal government's student loan portfolio.

The cryptocurrency industry is on a roll in Washington and it's not just because of President Donald Trump.

A federal judge ruled that the bank must keep the $14 billion granted by the Environmental Protection Agency in the recipients' accounts. The Trump administration has been trying to pull back money distributed under President Joe Biden.

While often used to describe a digital asset that hedges against cryptocurrency's volatility, the reality of stablecoins is much more complex.

Utah is the latest state to push a pro-industry EWA bill. If signed, it would mark the sixth state with legislation specific to the budding cash-flow product.

A group of 19 state attorneys general have sued the Trump administration, alleging the Department of Government Efficiency's move is illegal. The injunction is pending a hearing Feb. 14.

More state legislatures are exploring how to regulate earned wage access products, and interest rate caps are central to that discussion. New York state's pending legislation is taking a novel approach.

Jon Weiss, Wells Fargo's co-CEO of corporate and investment banking resigned from his position with plans to retire; A new CFPB report says military service members paid more for auto loans and add-on products; City National Bank's Kelly Coffee is leaving the bank after her 2023 demotion; and more in this week's banking news roundup.

The two companies continue to tick items off their year-end to-do list, which analysts hope will tee up the merger for finalization in early 2025. Regulatory approval remains a major question.

The companies held out hope that they'd get skeptical regulators to sign off on their $286 million deal before determining that canceling it was in their best interests.