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New York sues Capital One over savings scheme
New York is ensuring Capital One faces accountability where the federal regulators stepped back.
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GRIP Extra: TikTok fined €530m, Kohl’s CEO dismissed
Other news includes the CFPB moving to scrap Biden-era medical debt credit reporting exemption, the EU reciprocally seizing billions of Russian funds, and the DOJ accusing CVS, Humana, Elevance of paying kickbacks.
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New York AG Letitia James targets payday lenders with lawsuit
The lawsuit contends that popular “cash advance” apps are usurious.
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GRIP Extra: Morgan Stanley fires head of commodities, US investigates Chinese companies
Other news includes an EU fine against Meta and Google, massive ESG investment outflows, and the OCC and FDIC signaling crypto regulation overhauls.
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Law enforcement opposes rollback of beneficial ownership reporting
As federal rules ease, state and local authorities seek new tools to combat financial crime.
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GRIP Extra: Healthcare data breach compromises millions, Trump threatens to fire Powell
Other news includes Truth Social asking SEC to investigate Qube over short position, US Supreme Court approves relaxed pleading standard for ERISA claim, China mulls letting Western firms operate as ETF market makers.
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NASAA adopts model rule update to incorporate Reg BI at state level
The model rule significantly scales back a version from 2023 that industry participants said created new compliance obligations.
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SEC Acting Chair Mark Uyeda on priorities with state security regulators
Uyeda addressed federal preemption issues and the division of jurisdiction between the SEC and states.