The SEC issued an exemptive order relieving market participants from the need to create certain records and maintain some data in the CAT.

The order appears to be a precursor to dismantling the CAT, which would prevent the SEC from being able to oversee the securities markets.

The SEC issued a no-action letter permitting state trust companies to act as custodians for crypto assets. The no-action letter allows entities that are not federally chartered banks and are not allowed to accept deposits to safeguard crypto assets.

The SEC reinstituted a policy that will allow settling defendants to request waivers of the collateral consequences of their settlements at the same time as the SEC considers their settlement offers. Defendants will be more likely to avoid the collateral consequences of their settlements if they are able to obtain waivers of those consequences at the same time as their settlement offers.

Effective September 30, 2025, the U.S. Treasury Department will eliminate paper checks and require all federal payments and collections to be conducted electronically, including intragovernmental payments, benefits, vendor payments, and tax refunds.

While Executive Order 14247 indicates that consumers unable to receive electronic payments may request exemptions, accessing those exemptions remains unclear. In addition, the short time between the Trump Administration’s announcement of this change in March 2025 and paper checks ending September 30, 2025 risks leaving vulnerable consumers off guard and unprepared, including older Americans and unbanked Americans who do not have access to electronic/web payment systems.

The CFPB issued a final rule rescinding amendments that gave the Bureau’s Director the discretion to publicly disclose the names of nonbank companies designated for agency supervision. Public identifying nonbank companies that may pose a risk to consumers promotes transparency and accountability. This final rule reverses that progress.

The CFPB terminated its 2013 and 2020 consent orders against Washington Federal Bank. In October 2020, the CFPB fined Washington Federal $200,000 for reporting inaccurate mortgage transaction data.