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The Securities and Exchange Commission is investigating Massachusetts Mutual Life Insurance over its accounting practices in investment operations, and has issued subpoenas seeking information about MassMutual's bookkeeping around income on billions of dollars of loans it holds in its general investment account. The agency is investigating whether MassMutual properly reconciled accrued interest as it received payments on loans held in its general investment account, according to people familiar with the matter, and wants to determine whether its accruals are overstated.

 

Wall Street Journal

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A U.S. bank regulator has proposed new rules aimed at limiting how examiners can oversee banks, focusing primarily on core financial issues while restricting the policing of non-financial matters. The Federal Deposit Insurance Corporation's proposals define "safety and soundness" as issues that pose material financial risks and eliminate the broader "reputation risk" standard, which had been criticised as prone to misuse. Acting FDIC head Travis Hill emphasized that while examiners would still identify potential problems, their oversight would be refined to essential financial matters rather than superfluous process-related items.

 

Reuters

France is advocating for the removal of certain capital requirements for the euro zone's leading banks to level the playing field with U.S. banks. The proposed changes involve merging existing loss-absorbing capacity standards, specifically Total Loss-Absorption Capacity (TLAC) and Minimum Requirement for own Funds and Eligible Liabilities (MREL), into a single requirement. The aim is to simplify regulations while maintaining current demands, although other EU countries may express resistance to this plan.

 

Reuters

The U.S. is reportedly demanding the EU water down parts of its green legislation just months after agreeing a tariff pact to avoid an all-out transatlantic trade war.

 

Financial Times

JPMorgan Chase CEO Jamie Dimon says he would welcome proposed changes to ease the Securities and Exchange Commission's quarterly earnings report requirements. "The bigger problem wasn't just reporting quarterly. It was forecasting, where CEOs get their back up against a wall. They have to meet these things - earnings - and then they start doing dumb stuff to meet earnings, and that kind of public pressure," Dimon said in a Bloomberg interview. President Donald Trump last month renewed a call, which he first made in 2018, that U.S. companies should be allowed to report earnings every six months instead of on a quarterly basis.

 

Bloomberg

Yale Law School professor John Morley says President Donald Trump’s attacks on law firms are designed to “extract a demonstrative form of obedience,” and he has already seen a “chilling effect” as firms become less willing to push back against the administration than in Trump’s first term. Four firms have so far challenged orders targeting them. “I am absolutely certain that, if one of these executive orders survived a temporary injunction proceeding, that would be the death of the firm,” Morley, who has studied law firm collapses, said. 

 

Bloomberg Law

Bloomberg Tax

A lawsuit filed by employers and unions in the U.S. District Court for the Northern District of California argues that the Trump administration overstepped congressional authority when it introduced a $100,000 fee on H-1B visas. The complaint details the kinds of harms the fee could have on health care, education and religious groups that seek to employ foreign talent to complement their workforce. Although Trump's proclamation last month focused on information technology and software, and also science, technology, engineering and math fields, the plaintiffs contend that its harms will be more widespread.

 

The Columbian

Qualcomm is contesting a £480m ($646.8m) London lawsuit brought on behalf of smartphone owners, which alleges the chipmaker has abused its dominant position to force Apple and Samsung to pay inflated royalties. A U.K. consumers' association by the name of Which? is bringing the case. Lawyers representing Which? say around 29m people who bought iPhones or Samsung devices since 2015 are entitled to compensation. The lawsuit contends that Qualcomm made the manufacturers pay inflated royalties even if its chips are not used in a device under a worldwide so-called no licence, no chips policy.

 

U.S. News

London Evening Standard

OpenAI and Anthropic are exploring the use of investor funds to settle potential multibillion-dollar lawsuits, as insurers balk at providing comprehensive coverage for the risks associated with artificial intelligence.

 

Financial Times

Salesforce has confirmed it will not pay a ransom to hacking group ShinyHunters, which claims to have stolen client data via a breach of the third-party Drift app from SalesLoft. Most of the data, taken between August, 8th-15th, involved customer contact details, access tokens, and IT configuration info; it was later compiled and listed for sale on a cybercrime forum. Salesforce said its core platform was not compromised, and integrations with SalesLoft have been re-enabled, excluding Drift.

 

Bloomberg

The U.S. is set to impose port fees on vessels linked to China starting October 14, which could cost the top ten cargo carriers approximately $3.2bn in 2026. The move aims to reduce reliance on Chinese-built ships and strengthen U.S. shipbuilding, but has already created uncertainty among carriers. S&P noted: “The uncertainty has added another layer of geopolitical risk to fleet deployment strategies.” In response, Beijing has pledged countermeasures against these fees, further escalating tensions between the two countries as they prepare for an upcoming APEC summit.

 

Reuters

Private credit is transitioning from developed markets to emerging economies, driven by a search for higher yields amidst saturation in the West. Investors are increasingly attracted to bespoke financing options that cater to the unique needs of emerging market borrowers, with expectations that this shift could provide tens of billions in funding amid declining bilateral lending. Despite the potential for significant growth, experts caution about the inherent risks.

 

Reuters

Marc Nachmann, head of Goldman Sachs’ money management business, warns a rush of retail money into private assets is pressuring fund managers to deploy capital quickly and risk buying bad assets.

 

Financial Times

The London branch of Lehman Brothers has officially closed, 17 years after its parent company's collapse in 2008. A judge ruled that Lehman Brothers International Europe has settled all creditor claims, with most receiving full payment plus 8% interest. Judge Robert Hildyard described it as a "seminal moment" in insolvency history. Ryan Perkins, a lawyer for Lehman, noted that administrators have "nothing left to do" and highlighted the unusual situation of having surplus assets. The bank's failure was one of the largest bankruptcies ever, leading to a global recession and the loss of 26,000 jobs. Insolvency practitioners at PwC recovered almost £28bn ($37bn) while the firm has been paid £1bn ($1.34bn) for its work.

 

Daily Mail

The Census Bureau is actively recruiting temporary workers for the "2026 Census Test" in six states, including Alabama and Texas, to prepare for the 2030 census. This test aims to improve methods for accurate population counts, particularly for historically undercounted groups. However, concerns have been raised about the bureau's ability to recruit enough workers due to funding uncertainties and a hiring freeze. Democratic Sen. Gary Peters of Michigan noted that the bureau's hiring is "behind the curve of what we've seen in the past." Allison Plyer, co-chair of the Census Quality Reinforcement Task Force, emphasized the complexity of the operation and the lack of transparency in the bureau's preparations. The 2030 census will determine congressional representation and federal funding allocations, making accurate data collection crucial.

 

NPR / National Public Radio