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News this week

• Crypto gets (a bit) closer to the options market: the Commission extended its decision deadline to Aug 7 on a Nasdaq ISE rule filing that would allow FLEX options on the iShares Bitcoin Trust spot-ETF (Release 34-103286, June 17).

  Author’s comment - Why this matters: Keeps the first exchange-listed options on a spot-Bitcoin ETF alive; approval would open new hedging/arb tools for institutions and retail alike. The extension shows the SEC is still weighing market-structure and investor-protection concerns but hasn’t rejected the idea outright.

• Withdrawal from headline enforcement suits (filings through 20 June)
  During the week the CFPB voluntarily exited multiple high-profile cases—most notably the Credit Acceptance sub-prime auto-loan action—leaving state attorneys general to litigate alone. The agency has now abandoned about 18 federal lawsuits since January, signalling a broad retreat from expansive UDAAP enforcement and recalibrating defendants’ litigation risk.

• Expanded IPO exemption for BDCs (Partial Amendment 1 to SR-FINRA-2025-001, posted 18 Jun 2025)
  Amendment 1 broadens the planned exemptions from Rules 5130 and 5131 so both exchange-listed and private business-development companies may participate in IPO allocations, provided they weren’t formed to funnel new issues to restricted persons—potentially boosting demand from private-credit investors and supporting capital-raising flexibility for underwriters and issuers.

• Payments-fraud RFI (Bulletin 2025-12, June 16)
  On June 16 the OCC, Fed and FDIC issued Bulletin 2025-12 and an RFI asking banks, businesses and service providers for ideas—spanning data-sharing, supervision, Fed services and public outreach—to curb surging check- and payments-fraud losses, signaling possible new rules and sharper exam focus.

• Cost Accounting Standards (CAS) Administration renewal (OMB 9000-0129)
  OMB’s June 16 action re-authorises CAS Administration filings—practice-change notices and revised disclosure statements. Although only ~600 contractors are CAS-covered, compliance still consumes roughly 318 000 burden-hours yearly. The extension safeguards audit visibility into accounting-practice shifts that directly affect contract pricing, cost allowability and CAS enforcement.

A thought from our Author Norm Osumi 

Government drops cases against ‘predatory’ financial firms

The CFPB once described Credit Acceptance as “predatory,” but under Trump the agency has given up on prosecuting the firm. - Washington Post

“The recent decision by the Consumer Financial Protection Bureau (CFPB) to withdraw from enforcement actions against firms like Credit Acceptance Corporation is deeply concerning. These companies have been accused of issuing high-interest loans that often lead to vehicle repossessions and prolonged debt cycles for vulnerable consumers. By stepping back, the CFPB appears to be neglecting its duty to protect those most at risk of financial exploitation. This move not only undermines the agency's mission but also sends a troubling message that predatory lending practices may go unchecked.It's imperative that consumer protection remains a priority, ensuring that all individuals have fair access to financial services without the threat of abuse.”

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Ask the PCAOB Whisperer

Q. The Board posted nine new inspection reports on June 18. Anything to fret about?

A: Scan the reports’ common findings list—control testing, revenue recognition, group audits—because inspectors often extrapolate themes across firms and geographies. Use that list to quiz your auditor on how they’ve remediated similar deficiencies in your 2024 audit cycle and what extra procedures (if any) they’ll layer onto 2025.

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