In a joint discussion paper, SIFMA, the International Swaps and Derivatives Association ("ISDA"), and the Futures Industry Association ("FIA") asserted that current capital rules on qualifying central counterparty's ("QCCP's") default fund contributions—which base capital requirements on a qualifying central counterparty's "hypothetical capital requirement"—do not adequately "reflect the economics and risk offsets of QCCP cross-margining."

FINRA suspended a broker for exercising discretion in customer accounts without written authorization.

SIFMA called on the SEC to simplify the registration and deregistration forms—MSD ("Application") and MSDW ("Notice of Withdrawal")—that bank municipal securities dealers ("MSDs") are required to file.

The New York Attorney General ("NYAG") sued a bank-owned payment services company, alleging it (i) operated an unsecured platform that enabled consumer fraud and (ii) failed to implement safeguards that would have limited consumer losses.

A coalition of state, banking industry, and consumer advocacy organizations urged Congress to repeal a provision in the recently adopted GENIUS Act that grants nationwide money transmission powers to uninsured state-chartered banks with stablecoin subsidiaries.