Financial Compliance

RBI imposes monetary penalty on Dr. Panjabrao Deshmukh Urban Cooperative Bank Ltd.

The Reserve Bank of India imposed a monetary penalty of ₹1.09 lakh on Dr. Panjabrao Deshmukh Urban Cooperative Bank Ltd., Amravati, Maharashtra for non-compliance with regulatory directions. The violations include breaching prudential single counterparty exposure limits for non-SLR investments and charging customers above the prescribed regulatory ceiling for NEFT transactions.

RBI Branch Authorisation Amendment Directions 2026 - Consultation

The Reserve Bank of India has issued seven draft Amendment Directions (2026) covering branch authorisation for Commercial Banks, Small Finance Banks, Payments Banks, Local Area Banks, Regional Rural Banks, Urban Co-operative Banks, and Rural Co-operative Banks. The proposals define three types of delivery points (branch, BC-BO, BC-BT), simplify Business Correspondent eligibility criteria, subsume Business Facilitators under the BC model, and standardise BC commission/remuneration structures. Public comments are invited until May 5, 2026.

NCUA Ninth Round Deregulation Proposals - Field of Membership Eligibility

The National Credit Union Administration announced its ninth round of deregulation proposals under the ongoing Deregulation Project. The proposal targets 12 CFR 701, Appendix B concerning credit union chartering and field of membership eligibility. NCUA seeks to remove the automatic disqualification of associational groups that require purchase of a product or service as a condition of membership, replacing it with a more holistic evaluation approach.

AML/CFT Program Requirements - Joint Notice of Proposed Rulemaking

The FDIC, OCC, and NCUA have issued a joint notice of proposed rulemaking to amend AML/CFT program requirements for supervised banks and credit unions. The proposed amendments would align agency regulations with FinCEN requirements and the Anti-Money Laundering Act of 2020, introducing risk-based program requirements, US-based designated AML/CFT officer requirements, and a new FinCEN consultation framework for supervisory and enforcement actions.

Prestige Investment Management LLC – Consent Order S-23-3692-25-CO01

WA DFI Securities Division issued a Consent Order against Prestige Investment Management LLC on March 18, 2026, imposing a $10,000 fine, $2,500 in investigative costs, and a cease and desist order. The firm was found to have offered and sold an unregistered investment to a Washington resident in 2014 via a Deferred Sales Trust transaction. The firm is not registered to sell securities in Washington State.

Stryve Foods Inc. - Form 12b-25 Notification of Late Filing (Form 10-K)

Stryve Foods, Inc. filed Form 12b-25 notification with the SEC indicating inability to timely file its Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The company cited working capital constraints that have imposed time constraints on the compilation, dissemination, and review of required information, and that its independent registered public accounting firm has not completed audit procedures. The company committed to filing the report as soon as practical, seeking the standard 15-day extension permitted under Rule 12b-25.

National Association of Industrial Bankers v. Weiser - En Banc Rehearing on DIDMCA Opt-Out

The Tenth Circuit granted en banc rehearing in National Association of Industrial Bankers v. Weiser, vacating its November 2025 panel decision that had allowed Colorado to apply its Uniform Consumer Credit Code interest-rate caps to loans made by out-of-state, state-chartered banks to Colorado borrowers. The court will reconsider whether DIDMCA § 525's phrase 'loans made in such State' allows opt-out states to regulate out-of-state bank lending to their residents. Supplemental briefing has been ordered on preemption and interpretive issues.

FCA and ICO clarify vulnerability data expectations for firms

The UK Financial Conduct Authority (FCA) and Information Commissioner's Office (ICO) published a joint statement clarifying regulatory expectations for financial firms on the use and sharing of vulnerability-related customer data. The statement addresses how firms should identify vulnerable customers, design appropriate products and communications, share data across distribution chains, and monitor outcomes under consumer duty while complying with UK GDPR.

Treasury GENIUS Act Rule, CFTC Lawsuits, DOL 401(k) Alternatives, Crypto Tax Bill

Paul Hastings summarizes four major U.S. financial regulatory developments: Treasury's NPRM establishing criteria for state stablecoin regimes to qualify as substantially similar to the federal GENIUS Act framework; CFTC's lawsuits against Arizona, Connecticut, and Illinois asserting exclusive federal jurisdiction over prediction markets; DOL's proposed rule creating a fiduciary safe harbor for including alternative investments in 401(k)s; and House members releasing an updated Digital Asset PARITY Act discussion draft addressing digital asset taxation.

CFTC Enforcement Director Outlines Updated Priorities, Previews Cooperation Policy

New CFTC Division of Enforcement Director David I. Miller announced five enforcement priorities at NYU Law School on March 31, 2026: insider trading in prediction markets, market manipulation, retail fraud, spoofing and manipulation in derivatives markets, and emerging digital asset misconduct. Miller also previewed a forthcoming cooperation advisory that will provide a clear path to declinations for parties who self-report, fully cooperate, and remediate violations. The Division plans to hire additional staff to pursue these priorities.