FDIC releases formerly confidential documents related to bank crypto-activities and supervisory actions.

The FDIC and other banking regulators are the front-line protectors for Americans’ savings accounts, and the FDIC’s work, if they are allowed to do it, also prevents crashes and bailouts.

Acting Chair Hill played into the hand of the crypto industry, saying that the FDIC’s supervisory approach was wrong and too strong. This directly undermines the work of the agency and the weakens the banking industry.

The CFTC is organizing a public roundtable to gather input on how to regulate prediction markets, including those related to sports events. This is important because the CFTC should have stopped sports gambling contracts from entering the marketplace, but instead it’s holding a roundtable that signals it may legitimize these contracts. The agency is effectively allowing gambling to take place under the guise of financial regulation

Trump temporarily names Scott Bessent Acting Director of CFPB after Bessent is confirmed as Secretary of the Treasury.

The SEC extended the deadline for private funds like private equity and private credit to disclose basic information about their operations and strategies to the SEC. The extension means private funds will remain opaque, even from the SEC, which will prevent the SEC from guarding against systemic risks.

OPM sent an email to career federal employees presenting what it described as a deferred resignation program, an offer to receive compensation until September 30, 2025 if they resign now (“Fork Directive” email).

Fewer FDIC staff to supervise banks (now and in the future), manage the deposit insurance fund, conduct resolution of failed banks, and protect consumers will directly lead to a banking system that is weaker and less safe. A shortage of trained and experienced examiners was found to be a key cause of the 2023 bank failures. This decision will hurt the agency and banking system now and for years to come because the examiner pipeline will be empty.