Federal Reserve Board issues enforcement action with former employee of Bank of Eufaula and S N B Bancshares, Inc.

The Securities and Exchange Commission and the Commodity Futures Trading Commission today issued a joint request for public comment on potential opportunities to further update, clarify, and harmonize certain derivatives product definitions and…

On June 11, 2026, the U.S. Supreme Court ruled that Section 47(b) of the Investment Company Act  of 1940 (ICA) does not create an implied private right of action for rescission. Reversing the Second Circuit’s decision, the Court held that §47(b) addresses remedies available to a court in a proper case; it does not authorize private parties to sue in the first instance.1 The decision narrows one federal litigation path that activists and other private plaintiffs sought to use to challenge fund governance measures. It also underscores that the real exposure may now be elsewhere: SEC enforcement, expressly authorized private claims such as §36(b), state-law fiduciary and contract theories, and careful board process and disclosure around governance measures that bear on voting rights and shareholder activism. Click here to read the full GT Alert.

The Securities and Exchange Commission and Commodity Futures Trading Commission today issued a joint request for public comment on potential opportunities to harmonize, modernize, and streamline data reporting requirements in their regulation of the…

Federal Reserve Board issues enforcement action with former employee of Manufacturers and Traders Trust Company

On June 10, 2026, President Trump nominated Brian Johnson to serve as director of the Consumer Financial Protection Bureau (CFPB). If confirmed by the Senate, Johnson would replace Russell Vought, who has served as acting director of the CFPB since February 2025, in addition to his duties as director of the White House Office of Management and Budget. Click here to read the full GT Alert.

Federal Reserve Board requests comment on proposal to require certain payment stablecoin issuers to maintain an effective customer identification program

Federal Reserve issues FOMC statement

Federal Reserve Board and Federal Open Market Committee release economic projections from the June 16-17 FOMC meeting

On June 9, 2026, the U.S. Securities and Exchange Commission (the “SEC”)’s Division of Examinations (the “Division”) issued a Risk Alert detailing its observations of investment advisers (each an “Adviser” and collectively “Advisers”) related to economic conflicts of interest. The Division based its Risk Alert on examinations related to Advisers’ fiduciary duties and issued it to assist Advisers in developing effective compliance programs and disclosures with respect to economic conflicts of interest. The Risk Alert is broken down into five main areas where the Division identified economic conflicts of interest that were undisclosed or disclosures that were incomplete or misleading; Adviser practices that were inconsistent with advisory agreements and disclosures; and compliance programs did not fully address economic conflicts of interest and risk: A. Conflicts of Interest Associated with Advisers’ Cash Management Recommendations B. Conflicts of Interest Associated with Other Revenue Opportunities C. Disclosing Fees and Economic Conflicts of Interest in Form ADV D. Fees Deviating from Advisory Agreements and Fee-Related Disclosures E. Compliance Programs Identifying and Addressing Fee-Related Issues Click here to read the full GT Alert.