On March 27, 2025, the Federal Trade Commission (FTC) filed a lawsuit and proposed settlement order resolving claims against Cleo AI, a fintech that operates a personal finance mobile banking application through which it offers consumers instant or same-day cash advances. The FTC alleges that Cleo deceived consumers about how much money they could get and how fast that money could be available, and that Cleo made it difficult for consumers to cancel its subscription service.
Continue Reading FTC Alleges Fintech Cleo AI Deceived Consumers

In 2021, the SEC adopted the Marketing Rule, and in 2023, issued an FAQ requiring private fund managers to show net-of-fees performance alongside gross performance. Managers found it difficult to calculate net performance for individual investments, as fees are generally charged at the fund level.
Continue Reading SEC’s Marketing Rule Updates May Provide Relief for Investment Managers

On March 20, 2025, the U.S. Securities and Exchange Commission took a step towards clarifying its position on crypto mining activities. In a recent statement, the SEC’s Division of Corporation Finance provided non-binding guidance on the application of federal securities laws to proof-of-work (PoW) mining activities, stating that such activities are beyond the SEC’s purview.
Continue Reading SEC Staff Clarifies Stance on Crypto Mining

The FCA has initiated significant engagement with the private funds sector, akin to its 2013 AIFMD implementation efforts. In 2025, it plans to streamline UK regulatory requirements for fund managers and review conflict of interest management, focusing on governance and investor protections.
Continue Reading FCA Review of Private Fund Market Valuation Practices

On March 21, 2025, FinCEN issued an interim final rule narrowing the scope of the CTA’s BOI Reporting Rule (Reporting Rule) to foreign reporting companies and foreign beneficial owners.
Continue Reading FinCEN Issues Interim Final Rule Exempting Domestic Companies and US Beneficial Owners From Reporting Requirements

The Financial Crimes Enforcement Network (FinCEN) issued a Geographic Targeting Order (GTO) requiring all money services businesses (MSBs) located in 30 ZIP codes across California and Texas to, among other things, report and maintain records of cash transactions exceeding $200 (up to $10,000), and to verify the identity of persons presenting such transactions…
Continue Reading Effective April 14: FinCEN GTO Requires MSBs Along US Southwest Border to Report Transactions in Currency of More than $200

On March 12, 2025, the Financial Industry Regulatory Authority (FINRA) issued Regulatory Notice 25-04, seeking public comment on its initiative to modernize regulatory requirements for Members and Associated Persons.
Continue Reading With an Eye Toward Modernization, FINRA Requests Comment on Its Regulatory Requirements for Members and Associated Persons

On March 3, 2025, the Securities and Exchange Commission’s Division of Corporation Finance issued new guidance expanding the availability of confidential (nonpublic) review of draft registration statements (DRS).

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… Continue Reading SEC Expands Confidential Review Process for Draft Registration Statements

Since taking office, President Trump reduced the Consumer Financial Protection Bureau’s influence by appointing Russell Vought as acting director, who paused rulemaking, enforcement, and other CFPB activities. This shift impacts bank-fintech partnerships, requiring industry adjustments.
Continue Reading The Current And Future State Of Bank-Fintech Partnerships