📅 2026 Update: Key Changes in Business Law and Finance

Since the original article on the Gramm-Leach-Bliley Act (GLBA) was written, several important updates in U.S. business law have taken place. These changes impact how businesses handle financial information and comply with various regulations. The earlier article continues further down the page, providing foundational knowledge on the GLBA.

🏦 Open Banking Rule Finalized

On October 22, 2024, the Consumer Financial Protection Bureau (CFPB) finalized the open banking rule. This rule requires financial institutions to give consumers and authorized third parties access to their financial information. This change stems from Section 1033 of the Dodd-Frank Act.

However, as of October 2026, the rule has been enjoined and is currently under reconsideration.

  • 📉 Compliance Costs: The costs of compliance with this rule are now uncertain due to its enjoined status.

🔒 Investment Advisers and AML Programs

As of January 1, 2026, certain investment advisers must establish anti-money laundering (AML) and countering the financing of terrorism (CFT) programs. This requirement is part of a rule issued by the Financial Crimes Enforcement Network (FinCEN) on August 28, 2024.

  • 💰 Costs Vary: The costs for implementing these programs can vary widely, depending on the size and complexity of the firm.

⚖️ Corporate Transparency Act Developments

On January 15, 2026, the Eleventh Circuit Court of Appeals upheld the Corporate Transparency Act (CTA). This ruling confirmed the requirement for non-exempt U.S. entities and foreign entities to report beneficial ownership information to FinCEN.

  • 📄 Reporting Requirement: Businesses must submit these reports to a confidential database, with the requirement effective from January 1, 2024.

❌ FTC Noncompete Rule Struck Down

On February 12, 2026, a significant ruling occurred when the Federal Trade Commission's rule against most worker noncompetes was removed. This aligns with various court rulings that had blocked the rule nationwide.

  • 🛑 Impact on Employers: The removal of this rule may affect how businesses structure employee contracts and retain talent.

📈 Basel III Capital Requirements Re-Proposal

In March 2026, federal regulators proposed sweeping new capital requirements for banks. This proposal is part of the Basel III Endgame initiative, which aims to reshape how banks calculate their financial cushion against losses.

  • 🏦 Future Changes: These changes could impact small businesses that rely on bank financing.

📌 Key Points Summary

  • 🏦 Open Banking Rule finalized but under reconsideration.
  • 🔒 Investment advisers must implement AML/CFT programs by January 1, 2026.
  • ⚖️ Corporate Transparency Act reporting upheld by courts.
  • ❌ FTC's noncompete rule struck down, affecting employee contracts.
  • 📈 New capital requirements proposed for banks under Basel III.

💡 Tips for Navigating Business Finance Regulations

Review the details of your own situation with an attorney.

📝 Understand Open Banking Implications

Stay informed about the open banking rule and its potential impact on your business. Despite its current status, understanding this regulation is crucial for future compliance.

💸 Budget for AML Program Implementation

If you’re an investment adviser, start budgeting for the costs associated with implementing an AML program. These costs can differ based on the size and complexity of your firm.

📊 Comply with the Corporate Transparency Act

Ensure that your business is prepared to submit beneficial ownership reports as required by the Corporate Transparency Act. This requirement is in effect and essential for compliance.

⚖️ Monitor Changes in Noncompete Laws

Keep an eye on changes regarding noncompete agreements. The FTC's recent ruling may give businesses more flexibility in hiring and retaining employees.

📅 Stay Updated on Basel III Changes

If your business interacts with banks, be aware of the new capital requirements proposed under Basel III. These could influence your access to financing and the terms offered.

🏆 Services Ranked by User Reviews (2026)

This section covers services that aid in business finance and compliance, relevant to businesses navigating laws like the GLBA. The order is based on Trustpilot data checked in October 2026. Ratings and reviews can change, so it's good to look at the score and feedback from users for a broader understanding.

🥇 1. Amur Equipment Finance

Amur Equipment Finance has been rated 4.4 on Trustpilot. This company is known as an independent equipment finance provider, serving equipment-intensive industries. However, it primarily operates in the U.S. market, which could limit options for businesses outside that region.

🥈 2. Wamo

Wamo holds a Trustpilot score of 4.5. This digital banking service caters to small businesses, offering multi-currency accounts and payment solutions. It's important to note that Wamo primarily serves European markets, which might not meet the needs of businesses focused on U.S. operations.

🆓 Free Government Guidance

The Consumer Financial Protection Bureau (CFPB) offers various resources about financial regulations, including the open banking rule. Additionally, the Financial Crimes Enforcement Network (FinCEN) provides guidance on AML and CFT programs for investment advisers.

🔎 Considerations for Choosing Financial Services

  • 🏦 Compare Trustpilot scores and reviews for credibility.
  • 💰 Look at the types of services offered and their relevance to your business.
  • 🌍 Consider geographic service limitations that may affect your business.
  • 📊 Evaluate the experience and specialties of each provider.

❓ Frequently Asked Questions

❓ What is the Open Banking Rule?

The Open Banking Rule, finalized on October 22, 2024, mandates financial institutions to allow consumers access to their financial information. However, its current status is under reconsideration.

❓ Who needs to comply with the Corporate Transparency Act?

Non-exempt U.S. entities and foreign entities registered to do business in the U.S. must submit beneficial ownership information reports to FinCEN.

❓ What are the implications of the FTC's noncompete rule being struck down?

The removal of the FTC's noncompete rule may affect how businesses draft employment contracts, potentially allowing for more competitive hiring practices.

❓ What costs should I expect for AML program implementation?

The costs for setting up an AML program can vary significantly based on a firm’s size and complexity, as required by FinCEN's final rule.

❓ How can businesses stay compliant with evolving regulations?

Businesses can stay compliant by regularly reviewing regulations, seeking expert guidance, and ensuring they meet all reporting and operational requirements.

❓ What should I know about the Basel III capital requirements?

The Basel III capital requirements are proposed changes that could affect how banks calculate their financial cushion. This may influence the financing options available to businesses.

⚖️ Recent Court Cases Related to Business Law

Several recent court rulings have impacted business law, especially regarding compliance and regulatory requirements. These rulings can affect how businesses operate and interact with financial regulations.

Explore more rulings on the news page to stay updated on recent developments in business law.

End of October 2026 Update





GLBA or the Gramm-Leach-Bliley Act



The Gramm-Leach-Bliley Act or the GLBA is an extremely comprehensive federal law that affects various financial institutions. Under the GLBA, these institutions have to develop, utilize, and maintain physical, technical, and administrative safeguards in order to protect the integrity, security and confidentiality of any customer information available.

GLBA

GBLA is applicable to savings and loans, banks credit unions, securities firms, and insurance companies. The law even includes certain retailers along with automobile dealers that can collect and share personal information about a consumer when they extend or arrange credit to them.

Personal information that is often considered private by an individual such as bank balances or account numbers is often sold and bought by credit card companies, banks and financial institutions. The GLBA, which was also called the Financial Services Modernization Act of 1999, gives limited privacy protections to the consumer against the sale of these pieces of private financial information. Furthermore, the GLBA codifies protections against obtaining the information through any false pretenses.

The hope of the GLBA was to modernize financial services by ending regulations that stopped the merger of banks, insurance companies and stock brokerage companies. The removal of the regulations, however, increased significant risks of these new financial institutions accessing a large amount of consumer personal information, without restrictions upon its use.

Before the GLBA, an insurance company that kept a consumer’s health records was very separate from the bank that provided a mortgage along with the stockbroker that handled the stocks. After these companies merged, they could consolidate, analyze and then sell the personal information of their customers.

Because of these potential risks, the GLBA put in three easy requirements to protect personal data of the individuals:

• Banks, insurance companies and brokerage companies must securely keep personal financial information

• These institutions must advise a customer of their policies on any sharing of personal financial information

• They must also give the individuals the chance to deny sharing of personal financial information.

Compliance with the GLBA is mandatory. Even if a financial institution does not disclose information, there needs to be a policy set to protect information from any foreseeable threats in data or security integrity.

The major components of the GLBA are set to govern the disclosure, collection and protection of the consumers’ personal information and include:

• Financial Privacy Rule: requires financial institutions to give each consumer a privacy notice at the time the relationship with the consumer is established and every year thereafter explaining the information obtained about the consumer, where the information is shared, how it is used, and how it is protected as well as the consumer’s individual right to deny having his information shared with third parties as said in the Fair Credit Reporting Act. 

• Pretexting Protection: Protection from someone trying to obtain access to personal information without the proper authority to have it, for example by impersonating the impersonating the account holder, or by phishing

• Safeguards Rule: a written information security plan that talks about how a company is prepared for, and will plan to keep protecting clients’ personal information