Fiscal period ending 2025-12-31 versus 2024-12-31
— view filing on EDGAR →
Risk exposure broadened materially across technology, competitive, geopolitical, and workforce dimensions, with no substantive offsets. New AI and DeFi/crypto disclosures introduce layered operational and legal liabilities, while expanded geopolitical language and an immigration-driven talent risk signal a more complex operating environment than the prior year. The single easing — removal of specific USAA lawsuit details — reflects disclosure cleanup rather than resolved litigation risk.
2 company-specific
· 1 eased/removed
· 3 common-mode
Company-specific changes
Revised
New explicit disclosure of DeFi, cryptocurrency, and blockchain disruption risks with specific impacts on deposits, liquidity, revenues, and regulatory compliance costs.
Strategic Risks Industry competition, including competition from decentralized finance platforms, cryptocurrencies and blockchain technologies, could disrupt our business model and adversely affect…
Revised
Expanded disclosure of specific geopolitical risks: Venezuela/Latin America instability, US-China competition, economic fragmentation, weaponized sanctions/tariffs, cyber threats to infrastructure, and credit/funding impacts.
An outbreak or escalation of hostilities between countries or within a country or region could have a material adverse effect on the U.S. economy and on our businesses. Aggressive actions by hostile…
Eased / removed
Revised
Removal of specific January 2025 USAA lawsuit filing details reduces immediate litigation risk disclosure, though generic USAA patent claim risk remains.
We are, and may in the future be, subject to claims and litigation calling into question our right to use the intellectual property underlying certain technology in our business. Our business is…
Also disclosed — common-mode (AI regulatory compliance, Generative AI competition disruption, Immigration talent workforce)
AI regulatory compliance
New
New comprehensive AI risk disclosure covering regulatory uncertainty, model errors, IP/privacy liability, third-party dependency, fraud/cyber threats, and competitive disadvantage. Material operational and legal exposure.
The development and use of AI presents risks and challenges that may adversely impact our business. We and our third-party vendors, clients or counterparties develop, deploy and incorporate AI…
Generative AI competition disruption
Revised
New disclosure of competitive pressure in high-growth markets threatens loan/deposit growth and profitability—a substantive business risk.
Our operations are concentrated primarily in the South, Midwest and Texas, and adverse changes in the economic conditions in this region can adversely affect our financial results and condition. Our…
Immigration talent workforce
Revised
New disclosure of immigration/visa law enforcement creating cross-border mobility barriers for employees, escalating talent retention risk beyond prior compensation and remote-work concerns.
Talent Management Risks Our businesses may be adversely affected if we are unable to hire and retain qualified employees. Our success depends, in part, on our executive officers and other key…