CFPB Issues Interpretive Rule Classifying BNPL Products As 'Credit Cards'

On September 30, 2026, the Securities and Exchange Commission (SEC) issued two rule proposals and five notices aimed at expanding investors’ access to private markets. The package would add ways to qualify as an accredited investor, including passing a new exam administered by the Financial Industry Regulatory Authority (FINRA), broaden performance-based compensation and modernize regulated funds, including interval funds and business development companies (BDCs).

The SEC has approved new NYSE and NYSE American listing rules establishing a $0.25 minimum trading price, effective July 1, 2027. A single closing price below this threshold triggers immediate trading suspension and delisting proceedings with no cure period. Companies trading at low share prices must act now during the transition period to implement reverse stock splits and establish monitoring procedures before this hard floor takes effect.

As AI infrastructure spending surges toward $697 billion in 2026, hyperscalers and compute providers are increasingly turning to debt, structured financing, and GPU-backed collateral to fund expansion. While demand projections remain bullish, a critical timing gap is emerging between capital deployment and cash flow generation, creating significant risks for lenders, sponsors, and operators across the ecosystem.

The SEC has issued a groundbreaking Innovation Exemption allowing tokenized securities venues to facilitate trading of tokenized NMS stocks using automated market makers and liquidity pools. This temporary five-year exemption from exchange and dealer registration requirements establishes conditions for permissioned blockchain-based trading while granting public companies a 30-day window to object to third-party tokenization of their securities.

The U.S. Securities and Exchange Commission has proposed Regulation Crypto Assets, introducing two new exemptions from registration requirements and a safe harbor provision for investment contracts involving crypto assets. How will these tailored frameworks—the Startup Exemption for offerings up to $5M and the Fundraising Exemption for larger capital raises—reshape the regulatory landscape for digital asset issuers while preserving investor protections?

The SEC and CFTC have issued coordinated regulatory relief measures that significantly advance crypto-based trading infrastructure in US markets, bypassing Congressional gridlock on the CLARITY Act. These orders establish new frameworks for tokenized securities venues and passive software providers, potentially reshaping how digital assets are traded and accessed in regulated markets.

Moore & Van Allen's Derivatives & Trading team provides comprehensive analysis of recent CFTC and SEC enforcement actions, proposed regulations on crypto assets...

On March 19, 2026, the federal banking agencies issued a package of proposed changes to the regulatory capital requirements for banking institutions of all sizes, from the largest GSIBs and super-regional banks to community banks (the “Proposed Rules”). This package of proposals is a second full attempt at implementing the 2017 “Basel III Endgame” international framework—following the agencies’ initial package of proposals in July 2023 (the “2023 NPR”)—to better reflect credit, trading and operational risk in the calculation of minimum regulatory capital ratios.

The CFTC has released an Advanced Notice of Proposed Rulemaking seeking public comment on a comprehensive framework for retail crypto asset transactions, while the SEC advances parallel digital asset regulations through Regulation Crypto Assets and temporary exemptive relief for tokenized securities venues.

The Health Resources and Services Administration has announced a revised 340B Rebate Model Pilot Program for drugs subject to Medicare's Maximum Fair Price, expanding eligibility to manufacturers with selected drugs for 2026 and 2027. The program introduces new data requirements, dispute resolution mechanisms, and stricter compliance monitoring while addressing stakeholder concerns about administrative burden and program integrity.

The U.S. Department of State has released the October 2026 Visa Bulletin, marking the start of fiscal year 2027 with significant changes to employment-based immigrant visa categories. How will the advancement of priority dates, particularly the substantial four-year leap for mainland China-born EB-5 investors in the Dates for Filing chart, impact eligible applicants seeking adjustment of status benefits?

Following a federal court order in Medani v. Trump, the U.S. Department of State has resumed issuing Diversity Immigrant Visas after a nine-month pause that began in December 2025. DV-2026 selectees now face a critical deadline of September 30, 2026, to complete their visa processing or permanently lose their opportunity for permanent residence through the diversity visa lottery program.

The Federal Trade Commission is exploring whether digital platforms should bear greater responsibility for preventing impersonation ads that falsely pose as legitimate businesses or government agencies. Through an Advance Notice of Proposed Rulemaking, the agency seeks public input on potential amendments to its existing Impersonation Rule, examining how ad-optimization tools and platform practices...

On Oct. 7, 2026, at 18:00 UTC, the Internet Corporation for Assigned Names and Numbers (ICANN) will publish every new generic top-level domain (gTLD) application proceeding in the 2026 new gTLD Round, including who applied...

The European Commission has published draft guidelines interpreting the AI Act's transparency obligations, establishing when and how organizations must disclose AI-generated content, deepfakes, and automated interactions. These guidelines clarify that deepfake labeling applies regardless of intent to deceive, that AI systems must identify themselves at the point of interaction, and that the editorial review exception for AI-generated text requires substantive human oversight with clear accountability.

Following two federal court decisions, the U.S. Department of State has lifted categorical pauses on immigrant visa issuance for nationals of 75 countries and diversity visa processing for DV-2026 selectees. While these policy changes allow cases to proceed through ordinary adjudication, they do not guarantee visa approval or admission, and timing remains critical as diversity visa eligibility expires September 30, 2026.

The U.S. District Court for the District of Columbia has preliminarily enjoined the Department of War from enforcing WuXi AppTec's Section 1260H designation, finding the agency misread its evidence on state and military affiliation. However, this ruling does not close alternative pathways to biotechnology company of concern (BCC) designation under the BIOSECURE Act, and earlier supply-chain restrictions continue to drive near-term compliance decisions with a critical June 30, 2027 deadline for sub-tier supp

The U.S. Department of State's November 2026 Visa Bulletin brings forward movement in several family-sponsored and employment-based immigrant visa categories, with significant advances for certain countries and preference levels. USCIS has confirmed that applicants in all preference categories may use the Dates for Filing chart to determine eligibility for adjustment of status applications, potentially allowing earlier filing for those whose priority dates fall before the applicable cut-off dates.

The Department of Homeland Security has not issued formal determinations for Temporary Protected Status designations for Ukraine and Sudan despite the October 19, 2026 expiration date, creating uncertainty for employers navigating Form I-9 compliance and employment authorization documentation. USCIS states that affected individuals retain TPS protections and work authorization, but has not updated operational guidance to explain how employers should document continued employment eligibility or handle

A federal court has postponed the Department of Homeland Security's fixed-term admission rule for F, J, and I nonimmigrants, preserving the duration of status framework and blocking requirements that would have imposed four-year caps on international students and exchange visitors. The ruling addresses concerns about arbitrary rulemaking, inadequate cost analysis, and potential disruption to U.S. educational institutions and their international programs.