AML Compliance

SFO Investigates Three ECO4 Firms, Four Arrests

On 22 April 2026, the SFO announced a new investigation into three UK companies that worked on Energy Company Obligation 4 (ECO4) contracts between 2022 and 2024. Investigators made four arrests and searched six properties across the UK, including in Cannock, Chilworth, Killamarsh, Southwell, and Wolverhampton. The SFO is requesting information from members of the public who may have knowledge of fraud related to the three companies: Warmfront, JJ Crump, and South Coast Insulation Services.

Fayette County Man Pleads Guilty to Filing False Tax Return, $266,053 Tax Loss

Michael Graves of Charlton Heights, West Virginia, pleaded guilty to filing a false tax return, admitting to underreporting income and causing tax losses totaling $266,053.00. For tax year 2016, Graves listed income as $816.00 but corrected income was approximately $427,256.00, resulting in a tax loss of $125,285.00. Graves also admitted to falsely listing annual income as $816.00 for years 2017-2020, underreporting by $608,163.00 and wrongfully withholding $140,768.00. Sentencing is scheduled for July 30, 2026.

Sherita Booker, Cleveland Tax Preparer, Charged With Filing False Returns

Sherita Booker, a Cleveland tax preparer, was charged by criminal complaint on April 9 with Aiding or Assisting in the Preparation of False and Fraudulent Federal Income Tax Returns. During the investigation, IRS-CI agents discovered that Booker attached fraudulent Schedule C documents to clients' Form 1040 returns even though those clients did not own businesses, using additional schemes to reduce tax owed to the IRS. If convicted, Booker faces up to three years in prison per count. The case is being prosecuted by Assistant United States Attorneys Brenna L. Fasko and Elliot Morrison for the Northern District of Ohio.

UK Sanctions End-Use Controls Business Guidance

The Department for Business and Trade (DBT) and the Office of Trade Sanctions Implementation (OTSI) have published guidance to help UK businesses understand Sanctions End-Use Controls (SEUC) and ensure compliance. The guidance covers goods subject to SEUC, licence application processes, border stop procedures, record-keeping and due diligence requirements, and penalties for non-compliance. Businesses engaged in international trade should review the guidance to assess whether their goods or activities fall within the scope of SEUC.

Consent Prohibition Order Against Destiny Lara, Former First Financial Bank Employee

The Federal Reserve Board announced a consent prohibition order against Destiny Lara, a former employee of First Financial Bank, Abilene, Texas, for breach of fiduciary duty and bribery. The enforcement action was executed on April 22, 2026, and is searchable through the Federal Reserve's enforcement actions database. This order bars Lara from further participation in the banking industry under Federal Reserve supervision.

AMLA Launches Two Public Consultations on AML/CFT Group-Wide Requirements and Business Risk Assessment

AMLA has launched two public consultations on draft instruments concerning AML/CFT group-wide requirements and business-wide risk assessment. The first consultation on draft guidelines under AMLR Article 10(4) closes for comments on 15 July 2026, 23:59, with an online public hearing on 28 May 2026. The second consultation on draft regulatory technical standards (RTS) concerning group-wide minimum requirements for subsidiaries and branches in third countries closes on 15 June 2026, 23:59, with an online public hearing on 20 May 2026. AMLA is also advancing preparations for its 2027 selection exercise, identifying up to 40 high-risk entities for direct EU-level supervision from 2028, and has published an updated data collection template for the 2026 testing and calibration exercise.

EU Council Regulation 2026/898 Amends Moldova Sanctions List, Updates 7 Entries

Council Implementing Regulation (EU) 2026/898 of 21 April 2026 amends the Annex I list of persons subject to restrictive measures under Regulation (EU) 2023/888 concerning Moldova. The regulation replaces entries 1, 5, 8, 10, 12, 15, and 21, updating identifying information and reasons for listing for seven natural persons, including Ilan Shor (a.k.a. Ilan Mironovici ȘOR), a businessman and political party leader sentenced by Chișinău Court of Appeal on 13 April 2023 to 15 years imprisonment and asset confiscation of EUR 254 million for fraud and money laundering. The regulation enters into force on 22 April 2026 and is directly applicable in all EU Member States.

EU Renews Moldova Sanctions Until April 2027, Updates 7 Entries

The Council of the European Union has renewed restrictive measures targeting destabilizing actions against the Republic of Moldova until 29 April 2027, extending the existing sanctions regime by one year. The decision also amends the Annex to Decision (CFSP) 2023/891 by updating identifying information and reasons for seven natural persons listed, including Ilan Shor. The amendments take effect the day following their publication in the Official Journal of the European Union.

Waller: Modernising Federal Reserve Operations in the 21st Century

Christopher J Waller, Member of the Board of Governors of the Federal Reserve System, delivered a speech at the Brookings Institution on April 21, 2026 outlining how the Fed's operations have evolved and addressing critical questions about which Reserve Bank activities are intrinsically local versus those conducted on behalf of the Federal Reserve System as a whole. The speech covered the Fed's decentralized structure mandated under the 1913 Federal Reserve Act, the shift from paper-based to digital operations, and the ongoing modernization efforts to reduce costs, manage risk, and deliver value to the American taxpayer. Approximately 20,000 employees across 12 Reserve Banks focus on operations including market operations, Treasury fiscal agent activities, payment systems, and supporting functions like IT, HR, finance, and procurement.

Central Bank of Eswatini Governor Phil Mnisi Global Money Week 2026 Speech

The Governor of the Central Bank of Eswatini delivered a speech at the Global Money Week 2026 launch event in Ezulwini on March 11, 2026, themed 'Smart Money Talks.' The Governor encouraged young people to engage openly in financial conversations, conduct research through reputable sources, and build financial literacy skills as a foundation for lifelong financial resilience.

Sarah Breeden on Financial System Stability Risks

Sarah Breeden, Deputy Governor for Financial Stability at the Bank of England, delivered a speech at Harvard Law School's Program on International Financial Systems Symposium on 17 April 2026 examining whether recent financial system resilience marks a structural shift or a temporary reprieve. The speech reviews historical financial crisis patterns, acknowledges the banking system's strengthened capital and liquidity buffers built since the 2008 global financial crisis, and identifies three current vulnerabilities warranting attention: the rapid growth of private markets, sovereign balance sheet risks, and risk migration from banks to market-based finance.

Erik Thedéen: Vulnerabilities and Resilience in a New World Order

Erik Thedéen, Governor of Sveriges Riksbank, delivered a keynote address at the Hanaholmen conference in Stockholm on April 20, 2026, addressing the need for cooperation between companies, public authorities, and countries to ensure security, resilience, and competitiveness amid global geopolitical instability. The speech highlighted the interconnected Nordic-Baltic financial system and the critical role of major financial institutions including Nordea, SEB, Swedbank, DNB, Danske Bank, Nasdaq, and Euroclear in providing cross-border financial services. Thedéen outlined several operational resilience measures including offline card payment capability for essential goods by July 1, 2026, investigation into offline Swish payments, and Sweden's proposed requirement for staffed grocery stores and pharmacies to accept cash from July 1, 2026.

SNB Leaders Discuss Cashless Payments in Zurich

Swiss National Bank Governing Board members Petra Tschudin and Thomas Moser delivered a speech on cashless payment trends at the Money Market Event in Zurich on 16 April 2026. The speech described current payment method usage in Switzerland, with cash accounting for around 30% of point-of-sale transactions, cards around 50%, and mobile payment apps around 20%. The presenters discussed the technical and economic mechanisms underlying cashless payments from a macroeconomic perspective.

ECB President Lagarde Outlines Energy Shock Impact on Euro Area

Christine Lagarde, President of the European Central Bank, delivered a keynote speech at the Association of German Banks' 75th anniversary reception in Berlin on 20 April 2026, outlining the economic impact of energy disruptions on the euro area. The ECB published baseline, adverse, and severe scenarios in March driven by progressively higher energy prices, all showing higher inflation and lower growth than December projections. The speech highlights that the supply disruption is enormous, with net oil losses estimated at around 13 million barrels per day—roughly 13% of global consumption—even before accounting for additional disruptions.

RBI Governor Malhotra Speech on India's Growth and Monetary Policy at Princeton

RBI Governor Sanjay Malhotra delivered an address at Princeton University describing India's economic growth trajectory (averaging 6.1% annually versus global 3.2%) and outlining the Reserve Bank of India's monetary policy framework. The speech covers India's Flexible Inflation Targeting (FIT) framework, adopted in 2016, which targets 4% inflation with a ±2% tolerance band. Malhotra discussed guiding principles including robustness over optimality, Brainard's attenuation principle, anchoring inflation expectations, transparency, and clear communication.

Eurozone Geopolitical Turmoil: Olli Rehn Speech

Olli Rehn, Governor of the Bank of Finland, delivered a speech at the Washington Economic Festival on April 16, 2026, discussing how geopolitical turmoil, particularly the conflict in the Middle East and the war in Ukraine, is affecting eurozone economic growth and inflation. Rehn outlined the ECB's medium-term inflation targeting strategy of 2%, noting that the short-term impact of geopolitical shocks on energy markets could push inflation higher while weakening growth. The speech concluded with remarks on Europe's strategic challenges: security and defense, energy transition, and long-term growth and investment.

Paolo Angelini: DLT and Stablecoins - Where Do We Stand?

Paolo Angelini, Senior Deputy Governor of the Bank of Italy, delivered a speech at the International Economic Symposium co-hosted by the Bank of Italy and the National Association for Business Economics (NABE) in Rome on April 20, 2026. The speech, published on April 22, 2026, examines the adoption of Distributed Ledger Technology (DLT) in financial services, covering four main use-case categories: crypto assets, asset tokenization, financial market infrastructure, and payments including stablecoins. Angelini concludes that while DLT adoption shows 'gradual building of momentum' rather than a 'big bang,' the outlook is 'tentative yes' after reassessing his position from three years prior.

Change in Bank Control Notices; Acquisitions of Shares of a Bank or Bank Holding Company

The Federal Reserve System has published a notice seeking public comment on applications under the Change in Bank Control Act. The notice lists one pending acquisition: James Long of New Braunfels, Texas seeks to acquire voting shares of First Commercial Financial Corporation by becoming a co-trustee of its Employee Stock Ownership Plan, which indirectly owns First Commercial Bank, N.A. in Seguin, Texas. Comments must be received by May 7, 2026.

Bank Holding Company Merger Applications Notice

The Federal Reserve published a notice announcing bank holding company merger applications under the Bank Holding Company Act of 1956. GEBSCO, Inc. of Mondovi, Wisconsin applied to acquire Rushford State Bank of Rushford, Minnesota. The public comment deadline is May 22, 2026.

OFAC Adds 7 Individuals and 7 Entities to Nicaragua SDN List

OFAC designated 7 individuals and 7 entities under Executive Order 13851, as amended by Executive Order 14088, for roles in Nicaragua's gold sector and ties to the Ortega government. Designations include gold mining companies and government officials operating primarily from Managua, Nicaragua. All property and interests in property subject to U.S. jurisdiction of these persons are blocked, and U.S. persons are generally prohibited from engaging in transactions with them.

NCUA Proposes Streamlined Merger Rules for Credit Unions Converting to Banks

The NCUA Board has proposed amendments to 12 CFR Part 708a, Subpart C, which governs mergers of insured credit unions into banks. The proposal would eliminate certain prescriptive procedural, disclosure, and communication requirements currently imposed on credit unions pursuing such mergers. The intended effect is to reduce regulatory burdens on credit union boards of directors and provide them greater flexibility to exercise business judgment while still ensuring members receive clear and effective disclosures. Public comments are being accepted until June 22, 2026.

Notice of Consultation Paper Release CP 171 Miscellaneous Changes

The Dubai Financial Services Authority (DFSA) has released Consultation Paper No. 171 – Miscellaneous Changes for public comment. The DFSA is seeking feedback on the proposed changes which are described only as miscellaneous amendments to existing DFSA rules and regulations. Comments must be submitted by 26 April 2026. The consultation paper can be viewed on the DFSA website or via the Thomson Reuters rulebook link provided in the notice.

DFSA Amends AML, Fees, and Prudential Rules Effective April and July 2026

The DFSA Board made three Rulemaking Instruments amending the DFSA Rulebook following the conclusion of Consultation Paper No. 169's comment period. The AML Module (RMI No. 432) and Fees Module (FER) (RMI No. 433) come into force on 1 April 2026, while the Prudential Investment, Insurance Intermediation and Banking Business Module (PIB) (RMI No. 434) takes effect on 1 July 2026. Detailed amendments are available in appendices linked to this notice.

Minister KATAYAMA Meets BIS General Manager Hernández de Cos

Japan's Minister of Finance and Minister of State for Financial Services met with the BIS General Manager in Tokyo. The officials exchanged views on recent financial sector developments and digital finance. No new regulatory measures, compliance obligations, or policy commitments were announced.

Digital Payments E-Mandate Framework 2026

RBI has issued the Digital Payments - E-Mandate Framework, 2026, consolidating 8 prior circulars on e-mandate processing for recurring transactions using cards, PPI, and UPI. The framework mandates: one-time registration with AFA validation, 24-hour pre-transaction notifications with opt-out capability, no charges to customers for e-mandate facilities, and transaction limits of ₹15,000 without AFA (₹1,00,000 for insurance premiums, mutual fund subscriptions, and credit card bill payments). All Payment System Providers and Payment System Participants must comply with the new requirements immediately.

FATF Ministers Reiterate Commitment to Tackling Illicit Finance

FATF Ministers convened in Washington D.C. on 17 April 2026 for the biennial FATF Ministerial Meeting held alongside the IMF-World Bank Spring Meetings. The Ministers reiterated their commitment to tackling illicit finance through multilateral coordinated action, agreeing to focus efforts particularly on the growing threat of fraud and strengthening risk-based implementation of the FATF Standards.

Scam Alert: Five Hong Kong Banks Affected by Fraudulent Websites and Phishing

The Hong Kong Monetary Authority issued a public scam alert on 21 April 2026 warning about fraudulent websites, internet banking login screens, and phishing messages impersonating five named banks: The Bank of East Asia, Shanghai Commercial Bank, Chong Hing Bank, OCBC Bank (Hong Kong), and Ant Bank (Hong Kong). The HKMA reminded the public that legitimate banks do not send SMS or emails with embedded hyperlinks to conduct transactions, nor do they request login passwords or one-time passwords by phone, email, or SMS. Affected members of the public are advised to contact their bank directly and report the matter to the Crime Wing Information Centre of the Hong Kong Police Force at 2860 5012.

HKMC 2025 Results: HK$6.9B Loan Assets, HK$70.5B Debt Issued

The Hong Kong Mortgage Corporation Limited (HKMC) published its 2025 annual results on 21 April 2026, reporting acquisition of HK$6.9 billion in loan assets (up from HK$3.9 billion in 2024) and issuance of HK$70.5 billion in corporate debt (down from HK$103.5 billion in 2024). The HKMC completed its largest-ever public issuance of HK$25.3 billion in multi-currency benchmark bonds, including a 30-year HKD social bond tranche for its Reverse Mortgage Programme. New MIP loans drawn down totalled HK$35.2 billion, and the SME Financing Guarantee Scheme 80% Guarantee Product application period was extended for two years to end-March 2028.

Exchange Fund Bills Tender Results — HK$131.1B Applied, 2.32% Yield

The HKMA released results for two Exchange Fund Bills tenders conducted on 21 April 2026. For the 91-day EF Bills (Issue Q2616), HK$131.1 billion was applied for and HK$65.6 billion was allotted, with an average yield accepted of 2.32% and highest yield of 2.37%. For the 182-day EF Bills (Issue H2645), HK$41.7 billion was applied for and HK$12 billion was allotted, with an average yield of 2.37% and highest yield of 2.41%. The HKMA also published the schedule for next week's tenders on 28 April 2026, offering HK$64.3 billion in 91-day bills and HK$15 billion in 182-day bills.

BitClave PTE LTD Third Fair Fund Disbursement

The SEC has ordered a third fair fund distribution of $11,969.62 to two harmed investors who were not included in prior disbursements. The Fund Administrator will transfer the funds from the Fair Fund escrow account at The Huntington National Bank, N.A. to the affected investors. Prior distributions disbursed $4,614,679.81 (November 2024) and $2,500,422.70 (September 2025), bringing the total disbursed to $7,127,072.13 across all three distributions, with investors receiving 125.25% of their Recognized Loss.

Proposed Credit Union Merger, Jesup to Cedar Rapids

The National Credit Union Administration has posted for public comment a proposed merger between a credit union in Jesup and a credit union in Cedar Rapids. The document is available for download as a PDF from the regulations.gov docket NCUA-2026-0958-0001. No substantive details about the merger's terms, affected members, or regulatory conditions are provided in the posting itself.

Waterbury Credit Union Member Notice, April 2026

NCUA published a member notice from Waterbury Credit Union on April 21, 2026. The document, filed under docket NCUA-2026-0959-0002, is accessible via regulations.gov. The specific content of the member notice is not visible in the available source metadata.

Credit Union Member Notice, Apr 21

NCUA posted a Credit Union Member Notice to Regulations.gov under docket NCUA-2026-0960-0002. The document record is available for download; the substantive content of the notice is contained in the attached PDF file.

Solutions First FCU Proposed Merger into Guardian CU

NCUA has filed for public review the proposed merger of Solutions First FCU into Guardian CU. The filing is subject to NCUA approval under the Federal Credit Union Act. No final action has been taken; the proposal is open for regulatory review and comment.

St. Athanasius Credit Union Member Notice

NCUA filed a member notice from St. Athanasius Credit Union on Regs.gov under docket NCUA-2026-0958. The notice is available as a PDF attachment; the filed document itself contains no extractable regulatory text. No regulatory action, obligation, or compliance deadline can be confirmed from the available source content.

Waterbury Postal Employees FCU Merger into America's First Network

NCUA provides notice of a merger in which Waterbury Postal Employees Federal Credit Union will merge into America's First Network. The filing documents the regulatory submission for the proposed consolidation of the two credit unions. No new compliance obligations or industry-wide regulatory changes are imposed by this filing.

Digital Payments E-Mandate Framework 2026 Consolidates and Updates Existing Instructions

The Reserve Bank of India issued consolidated directions on Digital Payments – E-mandate framework, 2026, effective immediately on April 21, 2026. The directions consolidate all extant instructions on e-mandates and incorporate minor changes based on stakeholder feedback received by the regulator. All entities operating in India's digital payments ecosystem must immediately align with the updated framework.

State Government Securities Auction Results, 21st April 2026

The RBI conducted an auction of State Government Securities on April 21, 2026, with a total notified amount of ₹16,900 crore across 14 securities from five state governments: Andhra Pradesh, Maharashtra, Punjab, Rajasthan, and Telangana. Competitive bids received totaled ₹69,980.40 crore against the notified amount, with cut-off yields ranging from 7.54% (Telangana SGS 2033, 7-year tenor) to 7.84% (Punjab SGS 2038, 12-year tenor). Total competitive bids accepted amounted to ₹15,652.94 crore, while non-competitive bids accepted totaled ₹1,247.06 crore.

Money Market Operations: ₹6,64,995 Crore, Weighted Average Rate 4.96%

RBI published daily money market operations data as of April 20, 2026. The overnight segment recorded a total volume of ₹6,64,995.81 crore at a weighted average rate of 4.96%, with individual segments ranging from Call Money (₹21,383.59 crore, WAR 5.11%) to Repo in Corporate Bond (₹7,120.50 crore, WAR 5.29%). Net liquidity absorbed from outstanding operations stood at ₹-4,06,675.11 crore. Cash balances with RBI as of April 20, 2026 were ₹8,04,012.61 crore against an average daily cash reserve requirement of ₹8,07,359.00 crore for the fortnight ending April 30, 2026.

State Securities Auction ₹16,900 Crore Accepted

The Reserve Bank of India conducted a yield/price based auction of state government securities on April 21, 2026, accepting the full ₹16,900 crore offered across five states. Andhra Pradesh raised ₹4,600 crore across three tranches (8-year at 7.63%, 16-year at 7.79%, 30-year at 7.81%), Maharashtra raised ₹4,000 crore across three tranches (8-year at 7.55%, 18-year at 7.77%, 28-year at 7.79%), Punjab raised ₹1,300 crore at 7.84% for 12 years, Rajasthan raised ₹4,000 crore across three tranches (10-year at 7.64%, re-issue of 7.99% SGS 2041 at 7.8205%, 23-year at 7.81%), and Telangana raised ₹3,000 crore across three tranches (7-year at 7.54%, 11-year at 7.70%, 21-year at 7.82%).

NCUA Proposes Tenth Round Deregulation for Credit Union Conversions and Mergers

NCUA announced its tenth round of deregulatory proposals under the Deregulation Project, targeting six specific amendments to 12 CFR Part 708A Subpart C governing credit union-to-bank conversions and mergers. The changes would remove the definition of 'clear and conspicuous' from 12 CFR 708a.301, eliminate a newspaper publishing requirement under 12 CFR 708a.303(b)(1), streamline due diligence reporting under 12 CFR 708a.304(d), and remove prescriptive formatting requirements under 12 CFR 708a.305(e)(2), plain language factors under 12 CFR 708a.305(f), and voting guidelines under 12 CFR 708a.312. The proposal aims to allow credit union boards greater flexibility to exercise fiduciary duties and business judgment rather than following rigid agency-defined processes. Comments are being accepted through June 8, 2026, at regulations.gov.

Bank Acquisitions Announced in Three States

Peoples Bancorp of Marietta, Ohio agreed to acquire Citizens National in Paintsville, Kentucky for $76.6 million in cash and stock, valuing the $686 million-asset target at 118% of tangible book value, with closing expected in H2 2026. United Community Banks of Greenville, South Carolina agreed to acquire Peach State Bancshares in Gainesville, Georgia for $100.8 million, valuing the $788 million-asset target at 194% of tangible book value, with closing expected in Q3 2026. Points West Community Bank of Windsor, Colorado applied to the FDIC to acquire State Bank of Downs in Kansas, a $140.3 million-asset institution, with price undisclosed.

U.S. Retail Sales $752.1B, Up 1.7% in March

The U.S. Census Bureau reported advance estimates of retail and food services sales for March totaling $752.1 billion, up 1.7% from the previous month and up 4% year-over-year. Core retail sales, excluding automobiles, parts, and gasoline, increased 1.9% month-over-month and 4.2% year-over-year. This is an economic indicator report with no regulatory mandate or compliance obligation.

FDIC Issues Regulatory Relief for Washington State Banks Affected by Storms and Flooding

The FDIC released guidance providing supervisory relief for financial institutions operating in Washington state areas affected by severe weather. The agency encouraged banks to work constructively with borrowers experiencing difficulties, including extending repayment terms, restructuring existing loans, or easing terms for new loans. Banks may receive favorable Community Reinvestment Act consideration for community development loans, investments, and services supporting disaster recovery, and the FDIC will consider regulatory relief from certain filing and publishing requirements.

CFPB Finalizes Rule to Revise ECOA Fair Lending Enforcement, Removes Disparate Impact

The Consumer Financial Protection Bureau issued a final rule on April 21, 2026 to remove disparate impact from enforcement of the Equal Credit Opportunity Act, clarifying the prohibition on discouraging prospective applicants and establishing new limits on special-purpose credit programs offered by for-profit lenders. The rule prohibits for-profit lenders from using race, sex, or national origin as qualification criteria for special-purpose credit programs and adds new restrictions on using common characteristics for determining eligibility. The American Bankers Association supported the changes in a letter to the CFPB, stating the framework would advance ECOA purposes and discourage arbitrary government enforcement.

Waller Proposes Consolidating Fed HR, IT Across Reserve Banks

Federal Reserve Governor Christopher Waller proposed consolidating core internal functions such as HR and IT across the 12 Reserve Banks rather than each operating independently. Speaking at the Brookings Institution, Waller outlined two scenarios: maintaining the current 12-bank footprint while centralizing leadership, or physically relocating operations to lower-cost cities. The proposal aims to reduce operating costs through integration and standardization.

Pending Home Sales Index Hits 73.7, Up 1.5%

The ABA Office of the Chief Economist reported that the Pending Home Sales Index (PHSI) reached 73.7 in March 2026, a 1.5% increase from a revised 72.6 in February, exceeding market expectations of a 0.5% gain. Regional data showed strength in the Northeast (58.8, +4.4% MoM) and South (91.6, +3.9% MoM), while the Midwest (73.9, -1.3% MoM) and West (56.9, -2.6% MoM) declined. The ABA noted that increased inventory and pent-up demand are driving activity despite higher mortgage rates, though subdued turnover is expected to keep mortgage origination volumes muted for banks in the near term.

Warsh Testifies at Senate Hearing on Fed Chair Nomination

Kevin Warsh, nominated by President Trump to succeed Jerome Powell as Federal Reserve chairman, testified before the Senate Banking Committee on April 21, 2026. His nomination currently lacks the votes to advance after Sen. Thom Tillis (R-N.C.) said he would block the nomination until the Justice Department drops a criminal investigation into Powell and cost overruns related to Fed headquarters renovations. Warsh pledged to order a review of the data the central bank uses for monetary policy and stated that Fed independence 'has to be earned.'

ABA Joins Request for Extended Genius Act Comment Period

The American Bankers Association joined three banking sector associations in requesting that the Treasury Department and FDIC extend the comment deadlines for three proposed rules implementing the Genius Act to 60 days after the OCC issues its final rule. The associations argue the proposals are substantively interdependent and a fragmented comment process with staggered deadlines will undermine regulatory consistency.

House Advances ABA-Backed Bill to Ease Section 1071 Reporting Burden

The House Financial Services Committee voted 26-22 to advance H.R. 941, the Small Lender Act sponsored by Chairman French Hill (R-Ark.), which would exempt certain lenders from small-business lending data reporting under Section 1071 of the Dodd-Frank Act. The bill would exempt lenders that originated fewer than 2,500 small-business loans in each of the two preceding calendar years, as well as lenders with less than $10 billion in assets. The ABA supported the legislation, stating that the CFPB's Section 1071 rule 'dramatically overstepped its statutory authority.'