STATE GOVERNMENT RELATIONS
Republicans endorse Garten to lead Indiana Senate
Indiana Senate Republicans unanimously endorsed Sen. Chris Garten, R-Charlestown, to serve as the next Senate president pro tem, succeeding current President Pro Tem Rodric Bray. Garten's selection will not become official until the full Senate votes on Organization Day following the November election, but he will begin leading the caucus' campaign operations and planning for the 2027 legislative session. Garten has announced that Sen. Eric Koch, R-Bedford, will serve as majority floor leader, while Sens. Scott Baldwin and Tyler Johnson are seeking the majority caucus chair position, which will be decided after the November election.
FEDERAL GOVERNMENT RELATIONS
Bank survey finds widespread cybersecurity concerns among small business owners
The vast majority of small business owners believed that a cyberattack could have several financial consequences for their business, and most have a plan in place to respond to such an attack, according to a new survey by Tri Counties Bank in California.
Treasury proposes rulemaking for licensing payment stablecoin issuers
The Treasury Department released proposed rulemaking to require digital asset providers to obtain a federal or state license before issuing payment stablecoins, as required by the GENIUS Act.
OCC releases 2026 update to Bank Accounting Advisory Series
The Office of the Comptroller of the Currency released its annual update to the Bank Accounting Advisory Series. The BAAS contains OCC staff responses to frequently asked questions from the banking industry and bank examiners on a variety of accounting topics.
CFPB to stop publishing consumer complaints
The Consumer Financial Protection Bureau announced it is ceasing publication of complaint narratives and visualizations.
The CFPB said:
- The publication in the Consumer Complaint Database of unverified complaint narratives and associated data visualizations is entirely discretionary.
- The utility of such publication is minimal and one-sided, while often causing confusion and providing misleading data.
- Previously published narratives will be in the public domain for Freedom of Information Act purposes.
The CFPB in April said consumer complaints reached an all-time high in 2025.
The CFPB said it will continue to collect, monitor and respond to consumers’ complaints; to systematically review and assess how well companies are providing responses; to share consumer complaint information securely with prudential regulators and other agencies; and to disclose certain data in response to FOIA requests.
SEC proposes rules for investment contracts involving crypto assets
The Securities and Exchange Commission proposed rules that would create a framework for certain investment contracts involving crypto assets.
The SEC said “Regulation Crypto Assets”:
- Introduces a tailored securities offering regime intended to address long-standing barriers to responsible capital formation and innovation within domestic crypto asset markets while preserving federal securities laws.
- Would allow for a safe harbor once an issuer has completed or permanently ceased all essential managerial efforts that it represented or promised it would take under an investment contract.
- Includes two exemptions from the registration requirements of the Securities Act of 1933 specifically tailored to certain investment contracts involving crypto assets: a one-time exemption that would permit offerings of up to $5 million during a four-year period and another that would permit offerings of up to $75 million during each 12-month period.
SEC Chair Paul Atkins said crypto asset legislation is needed to “future-proof” rules of the road for crypto assets. Commissioner Hester Peirce said the proposal has new fundraising pathways tailored for the unique characteristics of crypto assets being sold as part of investment contracts.
The SEC and Commodity Futures Trading Commission in March issued an interpretation of the definition of “security” as applied to certain types of crypto assets and transactions involving crypto assets.
CISA, FBI, and HHS update advisory on ransomware
The Cybersecurity and Infrastructure Security Agency, FBI, and Department of Health and Human Services updated a cybersecurity advisory on Medusa Ransomware.
The agencies said the updated advisory details how Medusa actors gain access, evade detection, leverage remote monitoring and management software, and use common utilities and tools to support credential access, data exfiltration and ransomware deployment.
The agencies in March 2025 released a cybersecurity advisory on Medusa ransomware activity, calling it a ransomware-as-a-service variant used to conduct ransomware attacks using common techniques like phishing campaigns and exploiting unpatched software vulnerabilities.