US Reg Round Up: 28/01/2025
Federal Reserve
Federal Reserve terminates enforcement action with Marblehead Bancorp and Marblehead Bank - 23 January 2025
The Federal Reserve Board has announced the termination of the enforcement action against Marblehead Bancorp and Marblehead Bank, based in Marblehead, Ohio. The written agreement, initially dated December 14, 2023, was terminated on January 17, 2025.
Federal Reserve withdraws from NGFS - 17 January 2025
The Federal Reserve Board has announced its withdrawal from the Network of Central Banks and Supervisors for Greening the Financial System (NGFS). The Board expressed appreciation for its engagement with NGFS but noted that the organization's work has expanded to include issues beyond the Board's statutory mandate.
Federal Reserve approves first Busey Corporation Merger - 16 January 2025
The Federal Reserve Board has approved the proposal by First Busey Corporation, based in Champaign, Illinois, to merge with CrossFirst Bankshares Inc. of Leawood, Kansas, and acquire its subsidiary, CrossFirst Bank. The Board also approved the merger of Busey Bank with CrossFirst Bank and the establishment of branches at CrossFirst Bank's locations.
Securities and Exchange Commission
SEC launches crypto task force led by Commissioner Hester Peirce - 21 January 2025
Acting SEC Chairman Mark T. Uyeda announced the formation of a new crypto task force aimed at developing a clear regulatory framework for crypto assets. Commissioner Hester Peirce will lead the task force, which includes Richard Gabbert and Taylor Asher as Chief of Staff and Chief Policy Advisor, respectively. The task force will collaborate with SEC staff, the public, and other federal and international agencies to establish clear regulations, improve registration processes, and ensure appropriate enforcement. The focus will be on creating practical solutions, sensible disclosure frameworks, and fostering innovation while protecting investors. Commissioner Peirce emphasized the importance of input from a diverse range of stakeholders for the success of the initiative.
Mark T. Uyeda named acting chairman of the SEC - 21 January 2025
President Donald J. Trump has designated Mark T. Uyeda as Acting Chairman of the U.S. Securities and Exchange Commission (SEC). Uyeda expressed his honor in the new role, highlighting the SEC's mission to protect investors, maintain market integrity, and facilitate capital formation. Uyeda’s extensive experience includes roles at the U.S. Department of the Treasury, the U.S. Department of Labor, and the U.S. Senate Committee on Banking, Housing, and Urban Affairs. He also served as Senior Advisor to Chairman Jay Clayton at the SEC.
SEC announces record enforcement actions in first quarter of fiscal year 2025 - January 17, 2025
The U.S. Securities and Exchange Commission (SEC) reported filing a record 200 enforcement actions during the first quarter of fiscal year 2025 (October to December 2024), marking the highest number of actions for this period since at least 2000. Of these, 118 were standalone actions, including 75 filed in October alone. The enforcement actions addressed a broad range of violations, including financial misstatements, misleading disclosures, advisory conflicts of interest, bribery schemes, retail investor fraud, and misleading statements related to artificial intelligence. The SEC has also continued to stress the benefits of cooperation, rewarding entities that self-report, self-police, and take steps toward remediation. Preliminary data suggests the Division’s enforcement momentum will continue into the second quarter of fiscal year 2025.