Week of May 11 - 17, 2026

🗓️ May 11, 2026

• ESMA identifies areas for further supervisory convergence on compliance and internal audit in the funds sector. The European Securities and Markets Authority (ESMA) published the results of its 2025 Common Supervisory Action (CSA) on the compliance and internal audit functions of fund managers, involving all EU and EEA national supervisors. The review found that most fund managers comply with key requirements under the AIFMD and UCITS framework, but identified governance weaknesses, particularly in the independence of control functions and the quality of internal policies. The report highlights examples of good and poor practices and notes significant differences in policy quality and implementation based on the size and complexity of market participants. 🔗 Read more
  

🗓️ May 12, 2026

• Federal Reserve Board announces termination of enforcement actions with F & M Holding Company, Inc. and Thread Bancorp, Inc. The Federal Reserve Board announced the termination of enforcement actions for F & M Holding Company, Inc. and Thread Bancorp, Inc. Both actions, with agreements dated May 31, 2011, and May 25, 2010, respectively, are set to end on May 6, 2026. 🔗 Read more
• CFTC Reaffirms Exclusive Jurisdiction Over Prediction Markets in Sixth Circuit Amicus Brief. Washington - The Commodity Futures Trading Commission (CFTC) filed an amicus brief in the U.S. Court of Appeals for the Sixth Circuit to assert its exclusive jurisdiction over prediction markets, challenging state encroachment. The brief argues that the comprehensive regulatory scheme by Congress, implemented by the CFTC, preempts state laws in CFTC-regulated markets. CFTC Chairman Michael S. Selig emphasized the agency’s commitment to maintaining its authority, citing previous legal actions and amicus briefs in other jurisdictions. 🔗 Read more
• CFTC Approves Capital Comparability Determination and Order for Certain Nonbank Swap Dealers Domiciled in the European Union. Washington - The Commodity Futures Trading Commission has approved a comparability determination allowing certain CFTC-registered nonbank swap dealers in France to comply with U.S. capital and financial reporting requirements by adhering to comparable French law, under specific conditions. The order will take effect upon publication in the Federal Register, with an additional 180 days granted for compliance with certain new obligations. Eligible dealers must notify the CFTC and receive staff confirmation before applying substituted compliance. 🔗 Read more
• The EBA issues an opinion about an Austrian macroprudential measure. The European Banking Authority (EBA) supports the Austrian Financial Market Authority’s (FMA) plan to increase the sectoral systemic risk buffer for Austrian commercial real estate market risks, raising the buffer rate from 1% to 3.5% for certain credit exposures. The measure, which exempts exposures to limited profit housing associations, will be phased in from 2% on 1 July 2026 to 3.5% on 1 July 2027, and applies on a consolidated, sub-consolidated, and individual basis. The EBA highlights the need for coordination among authorities to prevent negative impacts on the internal market and stresses a holistic approach to avoid overlapping capital requirements. 🔗 Read more
• European Commission launches call for candidates for the ESAs’ Board of Appeal. The European Commission has initiated a call for expression of interest to create a reserve list of qualified candidates for the Board of Appeal of the European Supervisory Authorities (EBA, EIOPA, and ESMA). This list will be valid for five years, but inclusion does not ensure an appointment, as selections are made by the ESAs’ Management Boards with input from their Boards of Supervisors. Applications are due by noon on 8 June 2026, with further details in the Official Journal of the European Union. 🔗 Read more
• European Commission launches call for candidates for the ESAs’ Board of Appeal. The European Commission has initiated a call for expression of interest to form a reserve list of qualified candidates for the Board of Appeal of the European Supervisory Authorities (EBA, EIOPA, and ESMA). This list will be valid for five years, but inclusion does not ensure an appointment, as candidates will be selected by the ESAs’ Management Boards with input from their Boards of Supervisors. Applications are due by noon on 8 June 2026, with further details in the Official Journal of the European Union. 🔗 Read more
• European Commission launches call for candidates for the ESAs’ Board of Appeal. The European Commission has initiated a call for expression of interest to form a reserve list of qualified candidates for the Board of Appeal of the European Supervisory Authorities (EBA, EIOPA, and ESMA). This list will be valid for five years, and while inclusion does not guarantee an appointment, candidates may be selected by the ESAs’ Management Boards and could be invited by the European Parliament to present their case. Applications are due by noon on 8 June 2026, with further details in the Official Journal of the European Union.c🔗 Read more
• AUSTRAC releases updated risk snapshot of Australia’s financial crime landscape. Australia’s money laundering, terrorism financing, and proliferation financing risks are becoming more complex due to technology, globalisation, and the overlap between legitimate and illicit activities, according to AUSTRAC. The three new national updates provide a current snapshot of these evolving threats, highlighting the reliance on lawful financial services and emerging technologies like AI and virtual assets to disguise illicit funds. These updates are essential for industry and government to understand and manage the risks, supporting ongoing risk assessments and the Government’s AML/CTF reforms. 🔗 Read more‍
  

🗓️ May 13, 2026

• Federal Reserve Board issues Economic Well-Being of U.S. Households in 2025 report. The Federal Reserve Board’s report on the Economic Well-Being of U.S. Households in 2025 reveals that financial well-being remained consistent with recent years, with 73 percent of adults reporting they were doing okay or living comfortably. Price increases were the most common financial concern, though the share citing it as a major concern slightly declined to 53 percent. The report also highlights a solid but softening labor market, with 42 percent of adults concerned about finding or keeping a job, and notes the adoption of generative AI at work, with one in four workers using it and 81 percent agreeing it saves time. 🔗 Read more
• CFTC Staff Issues No-Action Letter on Data Reporting for Event Contracts. Washington - The Commodity Futures Trading Commission’s Division of Market Oversight and Division of Clearing and Risk have announced a no-action position regarding swap data reporting and recordkeeping regulations, meaning they will not recommend enforcement actions against certain market participants for non-compliance. This decision, made in response to requests from designated contract markets and derivatives clearing organizations, aims to streamline the process for addressing similar requests and ensure uniform treatment. The no-action position applies to all beneficiaries of previous letters and allows new entities to request an identical position, which will be documented in an appendix to avoid issuing repetitive letters. 🔗 Read more
• ESMA issues guidance on effective use of resolution tools in CCP crisis planning. The European Securities and Markets Authority (ESMA) has published a resolution briefing for Central Counterparties (CCPs) to guide National Resolution Authorities (NRAs) in operationalizing the write-down and conversion of instruments tool (WDCI). This briefing supports NRAs in enhancing their preparedness for crisis situations by promoting consistent practices across jurisdictions, thereby fostering effective financial markets and stability. Developed by ESMA’s CCP Resolution Committee, it provides a methodology for NRAs to include WDCI in CCP resolution plans, considering the impact on stakeholders and ensuring effective implementation and subsequent reorganization of the CCP. 🔗 Read more‍
  

🗓️ May 14, 2026

• Stephen I. Miran submits his resignation as a member of the Federal Reserve Board, effective when or shortly before his successor on the Board is sworn in. Stephen I. Miran submitted his resignation as a member of the Federal Reserve Board, effective when or shortly before his successor is sworn in. He has been on the Board since September 16, 2025, and previously served as chairman of the Council of Economic Advisers under President Trump, among other roles. Dr. Miran holds a B.A. from Boston University and a Ph.D. in economics from Harvard University. 🔗 Read more
• Federal Reserve Board releases results from two surveys of senior financial officers at banks about their views on discount window operating days and their strategies and practices for managing reserve balances. The Federal Reserve Board released results from two surveys of senior financial officers at banks regarding discount window operating days and reserve balance management strategies. The first survey, conducted from January 30 to February 9, 2026, included banks with a median asset size of less than $5 billion, while the second survey, conducted from March 20 to March 30, 2026, in collaboration with the Federal Reserve Bank of New York, included banks holding around three-fourths of total banking system reserve balances. 🔗 Read more
• SEC Obtains Final Judgment as to Fund Manager Who Misappropriated Investor Money. The U.S. District Court for the Central District of California issued a final judgment against fund manager Robert Newell in the SEC’s civil enforcement action, alleging that Newell and his firm, Black Hawk Funding, Inc., misused $37.7 million raised from over 200 investors intended for the cannabis industry. Newell consented to a judgment that permanently enjoins him from violating several securities laws and orders him to disgorge $668,300, pay $254,067 in prejudgment interest, and a civil penalty of $668,300, while also barring him from participating in securities transactions for five years. The SEC’s litigation was led by Alfred A. Day and David H. London, with the investigation conducted by John Roscigno and supervised by Jason H. Lee. 🔗 Read more
• FDIC Releases Public Sections of Informational Filings for Six Insured Depository Institutions. Washington - The Federal Deposit Insurance Corporation (FDIC) today released the public sections of informational filings for six large insured depository institutions (IDIs). The FDIC’s regulations require certain covered IDIs to submit informational filings every three years. These informational filings are required to include a Public Section, which is posted on the FDIC’s website, in addition to a nonpublic Confidential Section. These informational filing submissions were due by April 1, 2026. 🔗 Read more
• FDIC Approves the Deposit Insurance Application for Stellantis Bank USA, Salt Lake City, Utah. Washington - The Board of Directors of the Federal Deposit Insurance Corporation (FDIC) approved Stellantis Financial Services U.S. Corporation’s application to establish Stellantis Bank USA, a Utah-chartered industrial bank. The bank’s business model will focus on nationwide automotive financing, with funding from affiliated entities, brokers, listing services, and consumers via its website and mobile app. Approval was granted under certain conditions, including maintaining a minimum 15 percent tier 1 leverage ratio, with support from Stellantis N.V. and two subsidiaries, and the approval expires if the bank is not established within 12 months. 🔗 Read more
• FDIC Releases Staff Study of Deposit Flows at Three Failed Banks in Spring 2023. Washington - The Federal Deposit Insurance Corporation (FDIC) released a study titled “Dissecting Depositor Flight: An Analysis of the Spring 2023 Bank Failures,” which examines deposit flows at Silicon Valley Bank, Signature Bank, and First Republic Bank during their failures. The analysis, using transaction-level data, reveals that depositors with substantial uninsured funds were more likely to withdraw their funds, while fully insured retail depositors generally did not. Additionally, the largest depositors, including those with large insured balances, were more inclined to run, withdrawing nearly all their deposits, including those used for business operations. 🔗 Read more‍
  

🗓️ May 15, 2026

• Federal Reserve Board names Jerome H. Powell as chair pro tempore; Powell will serve as chair pro tempore until Kevin M. Warsh is sworn in as the new chair. As Chair Jerome H. Powell's term as chair concludes, and with the swearing in of Kevin M. Warsh as his successor pending, the Federal Reserve Board on Friday named Powell as chair pro tempore. This temporary action to name the incumbent as chair pro tempore is consistent with past practice during similar transitions between chairs. Powell will serve as chair pro tempore until Warsh is sworn in as the new chair. 🔗 Read more
• Federal Reserve Board announces it does not object to the conversion of United Texas Bank, of Dallas, Texas, from a bank supervised by the Federal Reserve to a national bank supervised by the Office of the Comptroller of the Currency. The Federal Reserve Board announced it did not object to United Texas Bank’s conversion from a Federal Reserve-supervised bank to a national bank under the Office of the Comptroller of the Currency (OCC). This decision aligns with the Dodd-Frank Act, which allows state member banks under enforcement actions to convert to national banks if the Board does not object. Additionally, the Board did not object to the OCC’s supervisory plan addressing the enforcement actions involving United Texas Bank, the Board, and the Texas Department of Banking. 🔗 Read more
• Federal Reserve Board announces approval of application by the Stephen M. Calk 2025 Trust. The Federal Reserve Board on Friday announced its approval of the application by the Stephen M. Calk 2025 Trust, of Houston, Texas, to become a savings and loan holding company by acquiring National Bancorp Holdings, Inc., and thereby indirectly acquiring The Federal Savings Bank, both of Chicago, Illinois, as required by law. 🔗 Read more
• Federal Reserve Board announces termination of enforcement actions with UBS Group AG, Credit Suisse AG, Credit Suisse Holdings (USA), Inc., and Credit Suisse AG, New York Branch. The Federal Reserve Board announced the termination of enforcement actions against UBS Group AG, Credit Suisse AG, Credit Suisse Holdings (USA), Inc., and Credit Suisse AG, New York Branch. The Cease and Desist Order, dated July 21, 2023, will be terminated on May 12, 2026. Additional enforcement actions can be searched for here. 🔗 Read more
• SEC Obtains Final Judgment as to New Jersey Man for Alleged Investor Fraud and Misappropriation. The United States District Court for the District of New Jersey entered a final judgment against Joseph Geromini, former COO of a medical devices company, in the SEC’s civil enforcement action. The SEC alleged that Geromini lied and stole over $200,000 from investors between August 2018 and May 2019, using the funds for personal expenses and providing false financial information. Geromini consented to a judgment in July 2021, which enjoined him from future violations and required disgorgement of $98,083, a payment satisfied by restitution in a parallel criminal case where he pled guilty and was sentenced to six months in prison and additional penalties. 🔗 Read more