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Economic Outlook and the Labor Market

Federal Reserve Vice Chair Philip Jefferson delivered a speech at the University of Detroit Mercy on April 7, 2026, outlining his economic outlook. He characterized the U.S. economy as growing at roughly 2 percent in line with potential, supported by resilient consumer spending and business investment tied to AI infrastructure. He noted the labor market is roughly in balance but susceptible to shocks, with inflation remaining above the Fed's 2 percent target, creating risks to both sides of the dual mandate.

Ting Chen reprimanded, ordered refund undertaking

Ting Chen reprimanded, ordered refund undertaking

Wang Chang Tsai Reprimanded and Ordered Refund Undertaking

The Texas State Securities Board issued Disciplinary Order No. LID-26-CAF-03 reprimanding Wang Chang Tsai, a registered agent of Landolt Securities, Inc., for unsuitable sales of GWG L Bonds to Texas investors. The broker failed to adhere to firm supervisory procedures limiting alternative investment concentrations to 15% of net worth and prohibiting sales to clients over age 70. Two clients invested 24% and 29% of net worth in L Bonds, and one client was 74 years old.

Director Angelini opens labour relations conference

Banca d'Italia Director General Luigi Angelini opened the Italian central bank's 2026 labour relations conference, addressing the Bank's role as a multiproduct institution spanning monetary policy, payment systems, banking supervision, and anti-money laundering. The speech outlined organizational challenges arising from digital innovation, remote work, demographic change, and international talent competition. No new regulatory requirements or compliance obligations were announced.

BaFin contract awarded to Haufe Lexware GmbH 2026

BaFin has published its awarded contract to Haufe Lexware GmbH & Co. KG for 2026 in the regulator's official awarded contracts register. The contract details are available on BaFin's website under the German public procurement disclosures. This affects Haufe Lexware GmbH as the awarded contractor and BaFin as the contracting authority.

Consumer warning: Identity fraud on festgeld-sofort.de

BaFin issued a consumer warning on April 8, 2026, alerting the public to the website festgeld-sofort.de, which is suspected of offering financial and securities services without the required regulatory authorization. The website fraudulently claims an association with Jürgen Schlotz Consulting, a legitimate consulting firm that has confirmed it has no connection to the website or its offerings. BaFin issued this warning pursuant to Section 37(4) of the German Banking Act (Kreditwesengesetz).

Proposed Rule Seeks to Clarify Fiduciary Duties in Investment Plan Decisions Subject to ERISA

Littler summarizes DOL's proposed rule on ERISA fiduciary duties for 401(k) plans investing in alternative assets. The rule creates safe harbor conditions for plan fiduciaries selecting designated investment alternatives including private market investments, real estate, digital assets, commodities, infrastructure projects, and lifetime income strategies. Plan fiduciaries retain general duties to exercise prudence and monitor investments over time.

Formations of, Acquisitions by, and Mergers of Bank Holding Companies

The Federal Reserve System published a notice in the Federal Register announcing formations of, acquisitions by, and mergers of bank holding companies. The notice (91 FR 17806, Document No. 2026-06769) is a routine regulatory notification providing transparency on BHC activity. This one-page notice does not impose new compliance obligations but serves as an informational record of banking sector consolidation activity.

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

The Federal Reserve published a notice in the Federal Register regarding change in bank control notices and acquisitions of shares of banks and bank holding companies. The notice affects parties seeking to acquire control or significant ownership stakes in banking organizations and requires regulatory review of such transactions.

Written Reply on DBS and POSB Digital Banking Services Disruption

MAS replied to parliamentary questions regarding the DBS and POSB digital banking disruption on 19 March 2026. The one-hour service disruption prevented customers from viewing deposit balances and making digital payments, though ATMs and card services remained operational. Investigations found the disruption was caused by an erroneous step during a system change, and MAS will follow up with DBS to strengthen change management processes.

MAS strengthens GIRO safeguards, transaction limits considered

MAS has issued a parliamentary reply indicating it is working with the Association of Banks in Singapore to strengthen GIRO (General Interbank Recurring Order) safeguards following questions from Members of Parliament about consumer protections against erroneous deductions. The review will consider enabling customers to set monthly limits on transaction value and number, and enhancing transaction monitoring and due diligence on billing organisations. MAS advises consumers to review their GIRO arrangements and set appropriate transaction limits with their banks.

Written reply to Parliamentary Question on impact of rising interest rates and mortgage repayments for homebuyers

MAS responded to a parliamentary question on rising interest rates and mortgage repayments for Singapore homebuyers. The response outlined existing safeguards including the Total Debt Servicing Ratio with interest rate floors and HDB concessionary mortgage loans. Deputy PM Gan Kim Yong noted that Singapore interest rates have remained stable while advising homebuyers to exercise prudence given global economic uncertainty.

Written Reply to Parliamentary Question on Household Liabilities and Assets

MAS addresses Parliament on household liabilities and assets

Parliamentary Reply: Variable Capital Companies Statistics

MAS provided parliamentary responses on Variable Capital Companies (VCCs) as of 1 April 2026. Singapore has 1,338 VCCs managed by licensed fund managers and banks. Last year, 25 VCCs were found to have held no assets without valid reason and their fund managers were directed to deregister them. MAS stated it conducts regular monitoring and review of fund managers, including regulatory compliance when using VCC structures.

SEC v. Higgins - Misappropriation of Client Securities

The SEC filed a civil complaint in the District of Oregon against Jeffrey Higgins, a registered representative and investment adviser, alleging he misappropriated over $800,000 in securities from twelve clients between September 2017 and February 2024. Higgins created a fraudulent investment program called Cumulus, using falsified documents and fictitious annual reports to deceive clients about the performance of their investments.

FMA Warns Investors About Fraudulent AI Deepfake Trading Scams

The Financial Markets Authority in New Zealand issued a warning about increasing fraudulent trading platforms using AI-generated deepfakes of NZ politicians and business leaders to lure investors. The FMA identified 110 scam ads on Meta platforms in a single 24-hour period and flagged over 190 fake trading websites since March 2026. Consumers are advised to avoid clicking investment ads featuring high-profile New Zealanders and to never provide personal information to unverified platforms.

ASIC Consults on Guidance for Reviewing Liquidator Appointments

ASIC is consulting on draft Information Sheet 000 explaining its discretionary power to appoint reviewing liquidators to companies in external administration under the Corporations Act 2001. The consultation seeks feedback from registered liquidators, creditors, and company officers on the application process, factors ASIC considers, and circumstances where appointment is unlikely. Comments are due by 5pm AEST on 5 May 2026, with final guidance expected by 30 June 2026.

Insurance companies: content on supervisory disclosure updated

The Austrian Financial Market Authority (FMA) updated its website section on insurance supervision disclosure, effective April 2026. The update provides general qualitative information regarding the FMA's activities in 2025 under the Supervisory Review Process. Disclosed information must be easily accessible, justifiable, and comparable per VAG 2016 and EU Implementing Regulation 2015/2451.

Nasdaq Proposes Extending Credit Tier for Non-Displayed Orders

The SEC published Nasdaq's proposed rule change to extend a credit tier for non-displayed orders under Exchange Act Rule 19b-4. The filing, designated SR-NASDAQ-2026-024, amends Nasdaq Equity 7, Section 118 to update transaction fees related to liquidity provision credits. The SEC's notice serves as the official publication record for this self-regulatory organization filing that became effective upon filing.

Long-Term Stock Exchange Rule 11.220 Amendment - Priority of Orders Conformity

The SEC received a filing from Long-Term Stock Exchange (LTSE) to amend Exchange Rule 11.220 (Priority of Orders) to conform with recent amendments to Rules 600 and 603 of Regulation NMS. The proposed change, File No. SR-LTSE-2026-07, was published April 8, 2026, under Release No. 34-105150.

NCUA Proposes Associational Common Bond Rule Changes

The NCUA Board issued a proposed rule to modify the associational common bond requirements for credit union chartering and field of membership. The proposal would affect how credit unions define and expand their membership bases. The public comment period closes on June 8, 2026.

Bank Julius Baer fraudulent websites scam alert

The HKMA issued a scam alert warning the public about fraudulent websites associated with Bank Julius Baer & Co. Ltd. The alert reminds consumers that banks will not send SMS or emails with embedded hyperlinks directing them to bank websites for transactions, nor will they request sensitive information such as login passwords or One-Time Passwords via phone, email, or SMS. Affected individuals who have provided personal information or conducted transactions through these fraudulent sites should contact the relevant bank and report to the Hong Kong Police Force.

GENIUS Act Proposed Rules for Payment Stablecoin Issuers

The FDIC Board approved a notice of proposed rulemaking on April 7, 2026, to implement the GENIUS Act by establishing requirements for FDIC-supervised permitted payment stablecoin issuers (PPSIs) and insured depository institutions (IDIs) engaged in payment stablecoin activities. The proposed rule sets authorized/prohibited activities, reserve asset requirements, capital and risk management standards, and a two-business-day redemption requirement. The FDIC also clarifies that deposits held as stablecoin reserves are not insured on a pass-through basis to payment stablecoin holders.

AML/CFT Program Requirements Notice of Proposed Rulemaking

The FDIC, OCC, and NCUA issued a joint Notice of Proposed Rulemaking to revise AML/CFT program requirements for banks. The proposal would require banks to establish and maintain risk-based AML/CFT programs with four components: policies and controls, independent testing, a U.S.-based compliance officer, and employee training. FinCEN also issued a concurrent NPR on similar requirements for financial institutions.

Final Rule Prohibits Use of Reputation Risk by Bank Regulators

The FDIC and OCC jointly issued a final rule on April 7, 2026, prohibiting banking regulators from using reputation risk as a basis for criticizing or taking adverse action against supervised institutions. The rule defines reputation risk and removes all such references from FDIC examination manuals including the Risk Management, Application Procedures, Trust, and Consumer Compliance Examination Manuals. The agencies clarified this rule does not impose obligations on supervised institutions.

FDIC Board Approves Proposal to Implement GENIUS Act Stablecoin Requirements

The FDIC Board approved a notice of proposed rulemaking implementing the GENIUS Act for payment stablecoin issuers supervised by the FDIC. The proposal establishes prudential standards including reserve asset requirements, redemption obligations, capital standards, and risk management requirements for permitted payment stablecoin issuers and IDIs providing custodial services. It also clarifies that reserves backing payment stablecoins qualify for pass-through FDIC deposit insurance and that tokenized deposits meeting the statutory definition are treated like any other deposits under the Federal Deposit Insurance Act. Comments will be accepted for 60 days after Federal Register publication.

AML/CFT Program Requirements Proposed Rule

FDIC, OCC, and NCUA jointly published a proposed rule on April 7, 2026 to amend AML/CFT program requirements for supervised banks and credit unions. The amendments would align agency rules with FinCEN's concurrent proposals and the Anti-Money Laundering Act of 2020, including risk-based program requirements, U.S.-based compliance officer mandates, and enhanced FinCEN consultation procedures. Comments are due 60 days after Federal Register publication.

Final Rule Prohibiting Use of Reputation Risk by Regulators in Bank Supervision

The OCC and FDIC jointly issued a final rule codifying the prohibition of reputation risk from their supervisory programs. The rule defines reputation risk and explicitly bars the agencies from criticizing, taking adverse action, or instructing banks to close accounts based on political, religious, or cultural views; constitutionally protected speech; or lawful business activities perceived as reputation risks. The rule implements Executive Order 14331 aimed at ensuring fair banking access.

Korean Household Loans Rose KRW 3.5T in March 2026

The Financial Services Commission of Korea released March 2026 household loan statistics showing outstanding balances increased KRW 3.5 trillion (preliminary), accelerating from a KRW 2.9 trillion rise the prior month. Home-backed mortgage loans rose KRW 3.0 trillion while nonbanking sector lending accounted for KRW 3.0 trillion of the total increase. The FSC urged financial companies to prepare for upcoming household debt management measures effective April 17.

Sunshine Act Meeting Notice - Board Meeting With Less Than Seven Days' Advance Notice

The Federal Deposit Insurance Corporation published a Sunshine Act meeting notice announcing a Board meeting scheduled for April 7, 2026, at 1:00 p.m. The meeting will be open to public observation via webcast and will consider proposed rulemakings on stablecoin requirements under the GENIUS Act and Anti-Money Laundering/Countering the Financing of Terrorism programs, as well as a final rule on prohibition of reputation risk use by regulators.

Securitisation market diversifies; residential mortgages lose their dominance

DNB published statistical data showing the composition of the Dutch securitisation market has shifted significantly between 2020 and 2025. The share of non-mortgage loans in securitisations rose from 12% to 29%, with outstanding volume almost doubling to €8.5 billion. This growth was driven by non-bank entities including consumer credit companies and leasing firms securitising car loans, consumer loans, and SME equipment leases.

America's Car-Mart Material Impairment and Dealership Closure Disclosure

America's Car-Mart filed Form 8-K disclosing Board approval on April 7, 2026 to close 42 of its 136 dealership locations and reduce associated support staff due to capital constraints and inability to establish a warehouse credit facility. The company expects to record a non-cash impairment charge of approximately $14 million related to assets at closing locations, with cash charges for employee separation and lease exit costs yet to be estimated. Closures are expected to be completed by April 14, 2026.

Statement on Final Rule Removing Reputational Risk from Supervisory Program

FDIC Chairman Travis Hill issued a statement announcing a final rule that eliminates "reputational risk" from the FDIC's bank supervisory program. The rule codifies the removal of supervisory focus on reputation risk as a standalone risk category, effective April 7, 2026. The change addresses concerns that unfocused attention to reputation risk could lead to pressure on banks to debank law-abiding customers.

Statement on GENIUS Act Stablecoin Implementation Proposal

FDIC Chairman Travis Hill announced the FDIC Board's consideration of a proposed rule to implement the GENIUS Act, establishing prudential requirements for payment stablecoin issuers that are subsidiaries of FDIC-supervised banks. The proposal covers reserve assets, redemptions, permissible activities, capital requirements, pass-through insurance, and the prohibition on yield. The FDIC seeks comment through 144 specific questions, including on tokenized deposit treatment.

Statement on Proposal to Implement the BSA Program Rule

FDIC Chairman Travis Hill delivered a statement at the April 7, 2026 Board meeting describing a proposal to implement the BSA Program Rule under the 2021 Anti-Money Laundering Act. The proposal would establish a risk-based supervisory approach, allowing banks to allocate resources toward high-risk activities and away from low-risk compliance exercises. Banks could rely on Treasury's National Priorities for risk assessments, while regulators would retain authority to act against serious violations such as drug cartel cash deposits or terrorist financing.

SEC bars Vean P. Nguyen from broker-dealer association

The SEC issued an order barring Vean P. Nguyen from association with any broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent, or nationally recognized statistical rating organization pursuant to Section 15(b) of the Securities Exchange Act of 1934. The bar follows a June 2025 civil judgment permanently enjoining Nguyen from violating Sections 10(b) and 15(a) of the Exchange Act, Rule 10b-5, and Sections 5(a), 5(c), and 17(a) of the Securities Act. Nguyen, a 42-year-old from Huntington Beach, California, sold fraudulent investments through a purported church (The Church for the Healthy Self) from 2017 to April 2019 without being registered as a broker.

SEC Approves Aon Distribution Plan, Extends Recovery Period

The SEC issued an order approving the Fair Fund distribution plan for $1,572,187.79 collected from Aon Investments USA Inc. and Claire P. Shaughnessy following January 2024 enforcement orders. The Commission amended the plan to extend the Relevant Period for calculating eligible investor losses after considering comments from Morgan Lewis on behalf of PSERS regarding loss limitations and fee calculations.

MEMX Proposed Rule Change - Nasdaq BX to Nasdaq Texas Name Update

The SEC published a notice seeking comments on MEMX LLC's proposed rule change to amend Exchange Rule 13.4(a) to reflect Nasdaq BX, Inc.'s name change to Nasdaq Texas, LLC. The change is conforming and non-substantive, updating the data feed listing to reflect the corporate reorganization and rename of Nasdaq BX under Texas law rather than Delaware law.

CFTC FAQs, Guidance, MOUs, and No-Action Relief: Enforcement Priorities and Prediction Markets

Kelley Drye & Warren's Financial Services Group summarizes recent CFTC actions under new Chair Mike Selig and Enforcement Director David Miller from February–March 2026, covering FAQs, staff guidance, MOUs, and no-action relief affecting U.S. derivatives market participants. The CFTC reaffirmed its exclusive jurisdiction over prediction markets and outlined enforcement priorities targeting insider trading and market manipulation in event contracts traded on platforms like KalshiEX.

DOL fiduciary rule, Supreme Court Intel case, reshape 401(k) alternatives

JD Supra published analysis on a proposed Department of Labor rule and pending Supreme Court case that could reshape fiduciary standards for alternative investments in 401(k) plans. The DOL proposal would establish a safe harbor for offering alternatives by focusing on process-based compliance over investment outcomes, while the Supreme Court's review of Andersson v. Intel Corp. could clarify proof standards for fiduciary liability.

Revised Enforcement Decree of Microfinance Support Act

The Financial Services Commission of Korea approved revisions to the Enforcement Decree of the Microfinance Support Act on April 6, 2026. The revision raises the common microfinance contribution rate for banks from 0.06% to 0.10% and for nonbanks from 0.03% to 0.045% of household loan sizes, generating an additional KRW 197.3 billion annually (KRW 134.5 billion from banks, KRW 62.8 billion from nonbanks). The Korea Inclusive Finance Agency will also be authorized to provide credit guarantees for microloans under the Credit Counseling and Recovery Service program.

Xendit Trademark Published for Opposition - Class 36 Financial Services

The USPTO published Xendit's Class 36 trademark application (TM79438973) for opposition, covering financial services including payment gateway, payment processing, digital wallet services, cryptocurrency transactions, and electronic fund transfer services. The publication initiates a standard opposition period during which third parties may challenge the registration.

Securities and Futures Amendment Bill 2026 - Dual Listing Framework

The Monetary Authority of Singapore introduced the Securities and Futures (Amendment) Bill 2026 for First Reading in Parliament. The Bill enables a Global Listing Board (GLB) co-established by Singapore Exchange (SGX) and Nasdaq Stock Market to facilitate dual listings under a streamlined regulatory framework. MAS will gain powers to prescribe dual listing arrangements and harmonise securities laws with foreign jurisdictions.

Written reply to Parliamentary Question on timeline for making cash acceptance mandatory

The Monetary Authority of Singapore (MAS), through Deputy Prime Minister Gan Kim Yong, responded to a parliamentary question regarding a timeline for mandating cash acceptance by law. The government has deferred the decision, referring instead to a previous ministerial reply dated 26 February 2026. The question was raised in response to concerns about consumers being left without payment options during digital banking service failures.

SIC Public Statement on PSC Corporation Ltd Take-over Rule Breach

The Securities Industry Council issued a public statement finding that Dr. Goi Seng Hui, Executive Chairman of PSC Corporation Ltd, breached Rule 14.1(a) of the Singapore Code on Take-overs and Mergers. The breach occurred when the Offeror purchased shares on 4 December 2023 despite the Share Buy-Back Exemption conditions not being met, causing his voting rights to increase to 30.23%. The Offeror failed to make a mandatory general offer for the company upon crossing the 30% threshold.

Written Reply on Private Credit Risk Exposure of Singapore Financial Institutions

MAS responded to a parliamentary question regarding Singapore-domiciled financial institutions' exposure to US private credit markets. Deputy Prime Minister Gan Kim Yong confirmed that Singapore financial institutions have minimal exposure to US private credit despite record 9.2% default rates in 2025. MAS stated it regularly monitors risk exposures as part of supervisory oversight and engages financial institutions on stress testing balance sheets against global financial stress scenarios including private credit defaults.

Michigan Encourages Financial Check-ins and Savings Goals During America Saves Week

The Michigan Department of Insurance and Financial Services (DIFS) issued a press release for America Saves Week (April 6-10, 2026) encouraging Michiganders to conduct financial check-ins, review budgets, and set savings goals. DIFS also promoted Michigan Open Account Coalition (MOAC) Month, highlighting low-cost banking access through partnerships with approximately 40 financial institutions across 67 Michigan counties to serve historically underserved communities.

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 Cancels Licence of Shirpur Merchants' Co-operative Bank

The Reserve Bank of India cancelled the licence of The Shirpur Merchants' Co-operative Bank Ltd., Shirpur effective April 6, 2026, under Section 22 read with Section 56 of the Banking Regulation Act, 1949. The bank ceases all banking business operations due to inadequate capital, non-compliance with statutory requirements, and inability to protect depositor interests. DICGC has already paid ₹48.95 crore to eligible depositors, with 99.7% of depositors entitled to full coverage up to ₹5 lakh.

RBI extends Baghat Urban Co-operative Bank regulatory directions

The Reserve Bank of India has extended regulatory directions issued to The Baghat Urban Co-operative Bank Limited, Solan for a further three months from close of business on April 8, 2026 to close of business on July 8, 2026. The original directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 were issued on October 6, 2025. The extension is subject to review and does not imply satisfaction with the bank's financial position.