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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 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.

Result of Yield/Price Based Auction of State Government Securities - April 2026

The Reserve Bank of India conducted an auction of state government securities on April 7, 2026, successfully raising the full target of ₹18,159 crore from seven participating states. All amounts offered were accepted, with yields ranging from 7.35% to 8.07% across tenors of 5 to 31 years. This represents standard monetary operations by the RBI for state government borrowing.

Auction of Government of India 6.48% GS 2035 - Rs 34,000 Crore

The Reserve Bank of India announced the auction of Government of India dated security 6.48% GS 2035 for a notified amount of Rs 34,000 crore. The auction will be conducted on April 10, 2026 using the multiple price method, with settlement on April 13, 2026. GoI may retain additional subscription up to Rs 2,000 crore.

Money Market Operations Report - April 6, 2026

The Reserve Bank of India published its daily money market operations report for April 6, 2026, presenting statistical data on monetary operations including amounts in ₹ crore and interest rates. The report provides transparency on the central bank's liquidity management activities for the specified date.

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 extends regulatory directions for Ramgarhia Co-operative Bank Ltd., New Delhi

The Reserve Bank of India has extended the operational period of Directive No. DEL.DOS.EXG_SSM.No.S515/12-10-013/2022-2023 for Ramgarhia Co-operative Bank Ltd., New Delhi for an additional three months from close of business on April 8, 2026 to close of business on July 8, 2026. The extension is issued under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The RBI notes that this extension should not be construed as satisfaction with the bank's financial position.

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.

State Government Securities Auction Results - April 7, 2026

The Reserve Bank of India published auction results for State Government Securities dated April 7, 2026. The results detail the outcome of government bond auctions conducted for state governments, showing issuance amounts, yields, and participating institutions. This routine publication provides transparency on public debt operations and state borrowing activities.

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.

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.

New Paradigm for Crypto Assets: A Deep Dive into the SEC's Interpretive Release

Venable LLP analyzes the SEC's March 17, 2026 interpretive release on crypto assets, which establishes a five-category taxonomy (digital commodities, digital collectibles, digital tools, stablecoins, and digital securities) and applies the Howey test to distinguish securities from non-securities in the crypto space. The release supersedes the 2019 Framework for Investment Contract Analysis of Digital Assets and provides guidance on various crypto activities including mining, staking, and airdrops.

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.

Cayman Islands clarifies tokenized fund regulatory framework

The Cayman Islands Monetary Authority has amended the Mutual Funds Act, Private Funds Act and Virtual Asset (Service Providers) Act to establish a clearer regulatory framework for tokenized investment funds. The amendments introduce new record-keeping obligations, enhanced risk disclosures and annual confirmation requirements to CIMA, while clarifying that regulated fund issuance of digital investment interests does not require separate VASP Act approval.

SEC Rescinds Crypto Accounting Rule: What It Means for Money Transmitters and Digital Asset Custody

Ankura published an analysis of the SEC's rescission of Staff Accounting Bulletin No. 121 (SAB 121) and its replacement with SAB 122, which eliminated requirements that made cryptocurrency custody economically prohibitive for publicly traded banks. The article examines the regulatory shift toward a more crypto-friendly stance under the Trump administration and its implications for money transmitters and digital asset custody services.

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.

New IDX Listing Rule: Enhancing free float and governance

The Indonesia Stock Exchange (IDX) issued Decree No. Kep-00045/BEI/03-2026 on March 31, 2026, implementing revised listing rules that take immediate effect. Key changes include increasing the minimum free float threshold for continued listing from 7.5% to 15%, raising initial listing thresholds based on market capitalization to 15-25%, and adding new corporate governance requirements. The rule aims to prevent Indonesia's downgrade from emerging to frontier market status by improving transparency and market liquidity.

UK FCA Findings From Multi-Firm Review On Operational Resilience

The UK Financial Conduct Authority (FCA) published findings from a multi-firm review of operational resilience self-assessments following the transition period ending March 31, 2025. The FCA highlights good and poor practices across six categories: important business services and impact tolerance, mapping resources, scenario testing, vulnerability management, communications plans, and governance. Firms are encouraged to use these observations to review and evolve their operational resilience approaches.

Third Circuit CEA Preemption for Prediction Markets Confirmed

The U.S. Court of Appeals for the Third Circuit issued a 2-1 ruling in KalshiEX LLC v. Flaherty, No. 25-1922, holding that the Commodity Exchange Act preempts New Jersey's gambling laws as applied to Kalshi's sports-related event contracts traded on CFTC-registered designated contract markets. The court found these contracts qualify as "swaps" under the CEA, triggering exclusive federal jurisdiction and shielding operators from state regulation under field and conflict preemption doctrines.

Central banks must evolve from stability keepers to resilience architects

Bank Negara Malaysia Governor Abdul Rasheed Ghaffour delivered a keynote address at the Central Banking Meetings in Kuala Lumpur on March 31, 2026, arguing that central banks must evolve beyond their traditional role as stability keepers to become architects of resilience. The speech addresses structural shifts confronting economies including geopolitical conflict, trade fragmentation, digital transformation, and climate change, asserting that resilience building is central to central bank mandates rather than an extension of it.

Climate risk and sustainable finance - bridging policy, research and practice

Bank of Spain Deputy Governor Soledad Núñez delivered remarks at a joint BIS-NGFS conference on climate risk and sustainable finance, discussing how climate change creates physical and transition risks affecting financial stability. The speech highlighted increasing extreme weather events, their localized economic impacts, and the importance of long-term climate action for the financial sector.

An anchor of stability in uncertain times

Carolyn Rogers, Senior Deputy Governor of the Bank of Canada, delivered remarks to the Brandon Chamber of Commerce on March 26, 2026, discussing three major economic forces shaping Canada's economy: global trade policy and US protectionism, demographic shifts, and artificial intelligence. The speech addressed central bank independence and the current affordability concerns of Canadians without announcing new policy measures.

Bridge to the Future - Mobilising Europe's Savings in a Fragmenting World

Gabriel Makhlouf, Governor of the Central Bank of Ireland, delivered a speech at the 2026 Eurofi High Level Seminar highlighting Europe's savings-investment gap. While euro area household deposits approach €10 trillion with savings rates around 15 percent, investment through European capital markets has not kept pace. The EU requires an estimated additional €750-800 billion annually by 2030 to meet investment needs. Makhlouf advocated for deepening the Single Market and strengthening the Savings and Investments Union to channel savings into productive investment.

Little Time Left to Wake Up - Can We Reconcile Europe with Speed?

François Villeroy de Galhau, Governor of the Banque de France, delivered his final speech at the Eurofi High Level Seminar, reflecting on European urgency and the need for faster policy delivery. The speech emphasized that Europeans know what needs to be done but must overcome institutional inertia to act with greater speed. Drawing on Stoic philosophy from Cyprus, the birthplace of Zeno, Villeroy called for lucidity about unchangeable circumstances and determination to change what must be addressed.

FDIC and OCC Finalize Rule Removing Reputational Risk from Bank Supervision

The FDIC and OCC have finalized a rule eliminating reputational risk as a standalone category from their bank supervision frameworks. The change removes what had been a distinct supervisory consideration related to an institution's public image and community standing. This modification affects how federal banking regulators evaluate and assess bank risk profiles during examinations.

OFAC removes Russian banker Zadornov from sanctions list

The ABA Banking Journal reports that the Treasury Department's Office of Foreign Assets Control (OFAC) has removed Russian banker Mikhail Zadornov from its sanctions list. This delisting action reverses the prior designation of Zadornov, who had been subject to asset freezes and transaction prohibitions under U.S. sanctions authority.

Banks shift from controls to scam psychology

ABA Banking Journal published an article exploring how financial institutions are evolving their fraud prevention strategies from traditional transactional controls to human-centered approaches that address the psychology of scam victimization. The article discusses emerging frameworks for protecting customers through behavioral insights and empathy-based interventions rather than solely relying on technological barriers.

Trump Administration Proposes $204.5 Million CDFI Fund Budget Cut

The Trump administration has proposed eliminating $204.5 million from the Community Development Financial Institutions (CDFI) Fund budget as part of broader federal spending cuts. The proposal would redirect funds away from CDFI programs toward rural development initiatives. The CDFI Fund, administered by the Treasury Department, provides grants and technical assistance to community development financial institutions serving underserved populations.

ABA Commends FCC Forfeiture Against Voxbeam for Spoofed Bank Calls

The American Bankers Association published an article commending the FCC's enforcement action imposing a $9,914,000 forfeiture against Voxbeam for making thousands of spoofed calls that impersonated banks. The FCC found Voxbeam violated the Truth in Caller ID Act by transmitting calls with falsified caller ID information to deceive consumers. The ABA praised this action as an important step in protecting banks and their customers from fraudulent call schemes.

CND Establishes 19-Member Expert Panel for 2029 Global Drug Policy Review

The Commission on Narcotic Drugs (CND) announced the 19 members of its newly established Expert Panel at its sixty-ninth session. The Panel, created under Resolution 68/6, will prepare recommendations for the 2029 global drug policy review aimed at enhancing implementation of international drug control treaties. Allan Rock (Canada) and Natalie Yu-Lin Morris-Sharma (Singapore) were appointed as Co-Chairs of the Panel.

65 victims identified, 60 arrests in year-long child sexual abuse operation

UNODC announced the results of Operation Eclipse, an INTERPOL-coordinated operation spanning nine countries across Central America, North America, and the Caribbean. Law enforcement arrested 60 individuals and identified 65 child victims of sexual abuse and exploitation over the year-long period (February 2025–January 2026). UNODC provided training, mentoring, and technical support to investigation and prosecution units in participating countries.

Waste Trafficking Driving Toxic Pollution and Harming Public Health

UNODC released its 'Waste Crimes and Trafficking' analysis examining five categories of illegal waste trafficking including e-waste, plastics, end-of-life vehicles, and metal-bearing wastes. The report finds that legislative gaps, limited enforcement capacity, lack of traceability, and low penalties enable organized crime groups and corporations to traffic billions of dollars worth of waste annually, causing severe public health and environmental damage, particularly in low-income countries.

69th CND Session - Journalists Invited to Cover Vienna Meeting

UNODC issued a media advisory inviting journalists to cover the 69th session of the Commission on Narcotic Drugs (CND) scheduled for March 9-13, 2026 in Vienna, Austria. The session will be chaired by Ambassador Andranik Hovhannisyan of Armenia and will bring together Member States, UN entities, inter-governmental organizations, civil society, and the scientific community to address international drug policy. The event will feature 169 side events and 23 exhibitions alongside the plenary sessions.

Global Fraud Summit Vienna - 44 Countries Pledge Coordinated Action Against Fraud

UNODC and INTERPOL co-hosted the Global Fraud Summit in Vienna, Austria on March 16-17, 2026, where 44 countries signed a joint statement pledging coordinated action against the rising global threat of fraud. More than 1,300 participants including government officials, law enforcement agencies, tech companies, banks, and civil society organizations attended to identify practical solutions for disrupting fraud networks. According to GASA, losses from organized fraud and scams are estimated at USD 442 billion annually.

Podcast on Fraud Prevention: ACH Check Fraud Rising

NACHA published a podcast featuring Q2 and NACHA executives discussing the rise in check and ACH fraud. The podcast highlights that Positive Pay fraud prevention services are often adopted reactively after fraud occurs rather than proactively, and explores potential industry shifts such as making fraud protection an 'opt-out' rather than 'opt-in' service.

New Nacha Risk Management Rules Compliance Guidance

NACHA published compliance guidance on new ACH Network Risk Management Rules effective in 2026, advising organizations to implement proactive, risk-based processes including annual reviews. The guidance emphasizes that compliance is not a one-time exercise but requires ongoing evaluation against evolving fraud schemes, technological changes, and operational growth.

20 New Members Join Payments Innovation Alliance

NACHA announced that 20 organizations joined the Payments Innovation Alliance during Q1 2026, expanding the cross-industry network that addresses innovation, education and operational improvements across the ACH Network. New members include financial institutions, fintech companies, technology providers, and legal service firms. The Alliance provides members with workgroup access, industry discussions, and engagement with payments ecosystem leaders.

2026 Nacha Operating Rules and Guidelines - New Risk Management Focus

NACHA announces the 2026 Nacha Operating Rules and Guidelines, emphasizing a new focus on risk management and credit-push fraud monitoring. The rulebook is available for purchase through the Nacha Store at $75 for members and $110 for non-members. Financial institutions are encouraged to obtain the latest edition to access educational materials and guidance for compliance with the new risk-based approach.

NACHA Rules on Credit-Push Fraud Risk Now Effective

NACHA has implemented Phase 1 of new fraud monitoring rules for the ACH Network effective March 20, 2026. ODFIs of all sizes and non-consumer Originators, Third-Party Service Providers, and Third-Party Senders with 6 million+ annual ACH origination volume (2023) must now have risk-based processes to identify fraudulent ACH entries. RDFIs with 10 million+ annual ACH receipt volume (2023) must similarly implement fraud identification procedures. Phase 2 in June 2026 will extend these requirements to all entities regardless of volume.

SEC Highlights Financial Independence During Financial Literacy Month

The SEC's Office of Investor Education and Assistance announced it will highlight financial planning tools and resources during National Financial Literacy Month in April. The initiative promotes diversified investing, emergency fund creation, debt reduction, and long-term retirement planning through Investor.gov resources.

AML/CFT Program Requirements - Notice of Proposed Rulemaking

The OCC, FDIC, and NCUA jointly issued a notice of proposed rulemaking to amend BSA compliance program requirements for supervised banks, rebranding them as AML/CFT programs. The proposal would incorporate FinCEN's national AML/CFT priorities, add customer due diligence requirements, establish a two-pronged framework for evaluating program establishment and maintenance, and create a new notice and consultation framework for AML/CFT enforcement and supervisory actions. The changes align bank regulations with amendments made by the Anti-Money Laundering Act of 2020.

AML/CFT Program Requirements Proposed Rule - Joint Consultation

Three federal banking regulators (FDIC, OCC, NCUA) jointly published a proposed rule to modernize AML/CFT program requirements for supervised banks and credit unions. The amendments would align agency regulations with the Anti-Money Laundering Act of 2020 and FinCEN requirements, including risk-based program design, explicit customer due diligence integration, and a new FinCEN consultation framework. The proposal requires comments within 60 days of Federal Register publication.

Prohibition on Use of Reputation Risk by Regulators: Final Rule

The OCC and FDIC issued a joint final rule prohibiting banking regulators from using reputation risk as a basis for supervisory criticism or adverse action against institutions. The rule also bars agencies from requiring or encouraging banks to terminate or modify relationships with third parties based on political, social, religious views, constitutionally protected speech, or lawful but politically disfavored activities. The rule codifies the agencies' removal of reputation risk from their supervisory frameworks and will take effect 60 days after Federal Register publication.