The SEC issued guidance on the application of certain disclosure requirements under the federal securities laws to offerings and registrations of securities in the crypto asset markets. The guidance purports to clarify how a crypto company could register a securities offering but simply describes what all companies must disclose as part of a registered public offering.

CFPB terminates a consent order with Wells Fargo Bank relating to the bank’s compliance risk management.

The CFPB has dismissed its lawsuit against National Collegiate Student Loan Trusts, abandoning a $2.25 million proposed settlement that would have gone to harmed borrowers. The CFPB had accused the company of bringing improper debt collection lawsuits against private student loan borrowers, suing consumers for debts they couldn’t prove were owed and attempting to collect on debts after they were legally allowed to do so.

CFPB drops enforcement action against subprime auto lender ‘Credit Acceptance,’ ending its effort to seek redress for what the bureau had said were deceptive practices and usury law violations.

The Fed rescinded its 2022 supervisory letter that set the expectation that state member banks provide advance notification of planned or current crypto-asset activities. Crypto activities are known to be risky and fraudulent. By removing the expectation that banks show that they can manage this risk before taking it on, the Fed has invited illegal and dangerous activity into the banking system.

The Fed joined the FDIC and OCC in withdrawing 2023 crypto guidance. Crypto activities are known to be risky and fraudulent. By removing the expectation that banks show that they can manage this risk before taking it on, the Fed has invited illegal and dangerous activity into the banking system.