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Supporting Small Businesses

Vice Chair Bowman delivered remarks at CBA LIVE 2026 emphasizing small businesses' vital role in the U.S. economy. She noted that in 2023, small businesses employed 59 million Americans (nearly half of private-sector jobs), generated $16 trillion in revenue, and contributed 44 percent of GDP. The speech highlighted that banks hold approximately $600 billion in small business loans under $1 million, with the smallest banks (under $10 billion in assets) holding nearly one-third of these loans.

SEC-CFTC Harmonization MOU on Shared Market Jurisdiction

The SEC and CFTC signed a harmonization MOU on March 11, 2026, establishing coordination principles for shared market oversight. The non-binding agreement identifies six priority areas including crypto asset regulation, clearing modernization, and reduced duplicative requirements. The MOU commits the agencies to coordinated examinations and consistent enforcement approaches for dually regulated entities.

SEC Enforcement Priorities Shift from Metrics to Qualitative Assessment

Foley & Lardner LLP summarized the SEC Division of Enforcement's panel at SEC Speaks 2026 (March 20, 2026), highlighting a continued shift from metrics-based enforcement to qualitative assessments focused on investor protection. Acting Director Sam Waldon emphasized core enforcement priorities including insider trading, fiduciary duty breaches, market manipulation, and accounting fraud. The updated Wells process now requires staff to share salient and probative evidence with recipients.

ERISA Safe Harbor for Alternative Investments in 401(k) Plans

The DOL Employee Benefits Security Administration proposed a new process-based safe harbor for ERISA fiduciaries selecting designated investment alternatives for 401(k) and participant-directed individual account plans. The proposal establishes a six-factor framework for evaluating alternatives and provides litigation protection for fiduciaries who satisfy the requirements. The DOL estimates this rule will channel approximately $178 billion annually (across 4.5 million participants) into target date funds containing alternative investments.

UK PRA Modernising Liquidity Policy Framework Consultation

The UK Prudential Regulation Authority published Consultation Paper CP5/26 proposing reforms to modernise the prudential liquidity framework, addressing digital banking advances and structural changes in central bank reserve supply. The consultation focuses on Pillar 2 amendments, Internal Liquidity Adequacy Assessment (ILAA) rules, and supervisory expectations. Key changes include replacing the "marketable asset risk" concept with a broader "monetisation risk" assessment, removing sovereign bond exemptions from annual testing, and clarifying expectations for central bank facility access. Comments are due 17 June 2026.

Notice of Exemption - NMS Insurance Services (SA) Limited

The South African Reserve Bank Prudential Authority granted NMS Insurance Services (SA) Limited an exemption under section 66 of Insurance Act No. 18 of 2017. The exemption is effective from 25 November 2024 and will remain in force for a period of 4 years.

NMS Insurance Services License Variation Notice

The South African Reserve Bank Prudential Authority gave notice that the license conditions of NMS Insurance Services (SA) Limited have been varied under section 26(1)(a) of Insurance Act No. 18 of 2017, effective 25 November 2024. This is a routine administrative action affecting one specific insurance company's licensing conditions.

Amendment of Insurance Group Designation - Absa Financial Services Limited

The SARB Prudential Authority, under CEO Ms Fundi Tshazibana, has amended the designation of the Absa Financial Services Limited Insurance Group for purposes of insurance group supervision. The amendment, effective 24 March 2026, is made pursuant to section 10(5) of the Insurance Act 18 of 2017.

Amendment of Insurance Group Designation - Santam Insurance Group

The South African Reserve Bank Prudential Authority issued a notice amending the designation of Santam Insurance Group. The amendment was made by Ms Fundi Tshazibana, Chief Executive Officer of the Prudential Authority. The specific details of the amendment are contained in the attached PDF notice.

JIBAR to ZARONIA Transition Supervisory Expectations

The South African Reserve Bank Prudential Authority issued Joint Communication 1 of 2026 establishing supervisory expectations for the orderly transition from JIBAR (Johannesburg Interbank Average Rate) to ZARONIA (South African Rand Overnight Index Average). The communication supports the 'No new JIBAR' initiative and provides guidance for banks and financial institutions managing this benchmark rate transition.

Flavour-of-the-year topic for life insurers

The South African Reserve Bank Prudential Authority issued Prudential Communication 8 of 2026, establishing the 2026 flavour-of-the-year supervisory focus for life insurers operating in South Africa. The communication provides information on the specific prudential topic that will receive priority attention during supervisory activities for the year.

Flavour of the Year Topic for Mutual Banks

The South African Reserve Bank Prudential Authority issued Prudential Communication 7 of 2026 on 24 March 2026, establishing the 2026 Flavour-of-the-year topic for mutual banks. This annual communication sets the supervisory focus area that the Prudential Authority will prioritize when supervising mutual banks. Mutual banks should align their risk management and compliance activities accordingly.

Co-operative Banks 2026 Flavour-of-the-Year Topic

The South African Reserve Bank Prudential Authority issued Prudential Communication 6 of 2026, announcing the 2026 Flavour-of-the-Year supervisory topic for co-operative banks. This annual programme identifies specific focus areas for enhanced prudential supervision of co-operative banks during 2026. The communication provides guidance on the selected topic to assist co-operative banks in understanding supervisory expectations.

2026 Flavour-of-the-year topic for banks

The South African Reserve Bank Prudential Authority issued Prudential Communication 5 of 2026, announcing the 2026 Flavour-of-the-year supervisory focus topic for banks. This annual communication informs banks of the specific prudential area that will receive heightened supervisory attention during the year. The communication is intended to guide banks on regulatory expectations and examination priorities.

Valuator Requirements for Resolution Under FSR Act

The South African Reserve Bank Prudential Authority issued Prudential Communication 4 of 2026 establishing requirements for valuators appointed for resolution purposes under the Financial Sector Regulation Act, 2017. The communication sets out standards for independence, competence, governance, methodologies, information access, and reporting. Affected parties include valuators seeking appointment by the resolution authority and financial institutions subject to resolution proceedings.

Proposed Directive on Securitisation Vehicle Risk Disclosures

The South African Reserve Bank Prudential Authority issued Proposed Directive BA501 requiring issuer Special Purpose Institutions (SPIs) to disclose enhanced securitisation risk information. The directive replaces Directive 4 of 2017 and mandates that auditors include verification of Annexure A requirements in annual audits. Comments are being solicited on this proposed directive.

Proposed Directive - Revised requirements related to Interest Rates Risk in the Banking Book

The South African Reserve Bank Prudential Authority has issued a proposed directive for consultation on revised requirements related to Interest Rates Risk in the Banking Book (IRRBB). The directive incorporates recalibrated interest rate shocks that banks must apply to their banking book exposures for risk measurement purposes. This consultation follows international Basel Committee standards updates on IRRBB supervision.

SEC Pauses Cboe Rule 8.23 Disruptive Trading Rule

The SEC halted Cboe's self-certification of proposed Rule 8.23 governing disruptive trading practices, requiring the rule to undergo public notice and comment. The rule would have prohibited traders from submitting orders or quotes for non-bona fide purposes and enumerated 11 specific illegitimate purposes. Market participants had objected that the rule contained over 30 separate items and constituted substantive modifications to investor protection rules without proper rulemaking.

Payments and Digital Assets Regulatory Developments - March 2026 Newsletter

Hogan Lovells' March 2026 Payments Newsletter covers UK FCA and PSR regulatory priorities for payments and digital finance, ECB's digital euro pilot call for expression of interest, and Delaware's proposed digital assets and stablecoin licensing bills. The FSB also announced a new implementation phase for the G20 Roadmap to enhance cross-border payments, with industry expected to play a decisive role as the 2027 target date approaches.

Canada's New Anti-Money Laundering Legislation Significantly Raises Penalties

The Parliament of Canada has enacted Bill C-12, amending the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA). Maximum administrative monetary penalties have been increased 40-fold, with very serious violations now carrying penalties up to C$20-million per violation and cumulative caps reaching C$20-million or 3% of gross global revenue. A new enrollment requirement with FINTRAC has been introduced, with implementation pending Order in Council.

UK Securitisation Framework Reforms - Due Diligence and Risk Retention

The UK FCA and PRA published joint consultation papers (CP26/6 and CP2/26) on 17 February 2026 proposing significant reforms to the UK Securitisation Framework. Key changes include more principles-based due diligence, removal of private/public securitisation distinctions, elimination of mandatory repository reporting, a new L-shaped risk retention model, and resecuritisation options. The reforms aim to reduce regulatory friction and costs for UK market participants. Rules are expected to be finalised by end-2026 with application from Q2 2027.

Budget Implementation Act introduces stablecoin, open banking regulation

Budget Implementation Act introduces stablecoin, open banking regulation

HILL COUNTRY NATIONAL BANK - Financial Services Trademark Application

The USPTO published trademark application TM99196364 for HILL COUNTRY NATIONAL BANK on May 21, 2025. The application covers financial services including banking, mortgage services, financing, and online banking. This is an Intent-to-Use application with no issues or oppositions currently pending.

NUCRYPTO Intent-to-Use Trademark Application - Class 036

The USPTO received an intent-to-use trademark application (TM99229715) for NUCRYPTO covering cryptocurrency services, banking, financial services, insurance, and related technology services in Class 036. The application was filed on June 11, 2025, by an unidentified applicant seeking to register the mark in connection with a broad range of financial and insurance-related services.

NU Multi Currency Account Trademark Application

USPTO published trademark application TM99229740 for 'NU MULTI CURRENCY ACCOUNT' filed by NU Holdings Ltd on June 11, 2025. The application covers International Class 036 services including banking, cryptocurrency, financial services, insurance, and related technology platforms. This is an Intent to Use application with a stated commercial purpose date of March 31, 2026.

Threadline Wealth Intent-to-Use Trademark Application

USPTO received Intent-to-Use Trademark Application TM99117608 for "Threadline Wealth" on April 2, 2025, covering registered investment advisor services including financial portfolio management, financial planning, and investment management. The application falls under Class 36 (Insurance and Financial Services) and has no immediate regulatory implications for the financial industry.

Revocation of Authorisation - Yuragi Limited

The Financial Services Commission Mauritius (FSC) has revoked the authorisation of Yuragi Limited (Authorisation No. AU24201449) under section 74(5) of the Financial Services Act. The company has been directed to initiate orderly dissolution and discharge its liabilities in accordance with the Insolvency Act. This enforcement action reflects the FSC's ongoing supervision of authorised entities operating in Mauritius.

Tunasan Shipping Authorization Revoked

The Financial Services Commission, Mauritius revoked the authorization of Tunasan Shipping Incorporated (Authorisation No. AU24201181) pursuant to section 74(5) of the Financial Services Act. The company has been directed to initiate orderly dissolution of its business and discharge of liabilities in accordance with the Insolvency Act.

Revocation of Tukay Shipping Incorporated Financial Services Authorization

The Financial Services Commission, Mauritius revoked the authorization of Tukay Shipping Incorporated (Authorization No. AU24201179) under section 74(5) of the Financial Services Act. The company has been directed to initiate orderly dissolution proceedings and discharge liabilities per the Insolvency Act.

Toila Shipping Limited Authorisation Revoked

The Financial Services Commission, Mauritius (FSC Mauritius) has revoked the authorisation of Toila Shipping Limited (Authorisation No. AU24201819) pursuant to section 74(5) of the Financial Services Act. The company has been directed to initiate orderly dissolution of its business and discharge its liabilities in accordance with the Insolvency Act.

Revocation of Yukai Limited Authorisation

The Financial Services Commission Mauritius has revoked the authorisation of Yukai Limited (AU24201457) under section 74(5) of the Financial Services Act. The company has been directed to initiate orderly dissolution proceedings and discharge its liabilities in accordance with the Insolvency Act. This enforcement action affects Yukai Limited's ability to conduct regulated financial services activities in Mauritius.

Akupara Asset Management Trademark Application

USPTO received trademark application TM99105554 from Akupara Asset Management for investment advisory, fund management, mortgage lending, and related financial services under Class 36. The Intent to Use application was filed on March 26, 2025. This is a routine trademark filing with no immediate regulatory implications for market participants.

Travelers Click Concierge Trademark Application

Travelers Insurance has filed an Intent-to-Use trademark application (TM99044357) with the USPTO for 'Travelers Click Concierge' covering online non-downloadable chatbot software for insurance and surety information, insurance services, and surety services. The application was filed on February 17, 2025.

Ravelin Properties REIT Intent-to-Use Trademark Filing

USPTO received an intent-to-use trademark application (TM99207693) from Ravelin Properties REIT covering real estate investment, financial services, and asset management. The application filed May 29, 2025, lists services including real estate leasing, investment fund management, securities investment, and loan financing services.

Grove Lane Partners GCM Grosvenor Trademark - Financial Advisory Services

USPTO received an Intent to Use trademark application from Grove Lane Partners GCM Grosvenor on March 12, 2025, for financial advisory and consultancy services. The application (TM99080839) covers Class 036 (Insurance & Financial Services) and was filed March 31, 2026 for actual use.

Verisk Synergy Studio Trademark Application

The USPTO received trademark application TM98889897 from Verisk for 'VERISK SYNERGY STUDIO' on December 6, 2024. The application covers insurance information services, financial risk management consulting, actuarial ratings, and online database services for insurance risk management. The application is filed under Intent to Use with a maximum deadline of March 31, 2026.

First Tech Beyond Trademark Application - Customer Loyalty Program Services

First Tech Credit Union filed an Intent-to-Use trademark application (TM98920830) with the USPTO for 'FIRST TECH BEYOND' covering customer loyalty program payment processing services and credit card rebate benefits in International Class 36. The application was filed December 24, 2024.

Revelation Partners Trademark Renewal - Capital Investment Services

USPTO renewed the Revelation Partners trademark (Registration TM98782551) for capital investment and investment advisory services. The renewal was completed on March 31, 2026, extending trademark protection under Class 36. No compliance actions are required from external parties.

Credit Warriors Trademark Renewal - Credit Repair Services

USPTO renewed trademark registration TM98891752 for CREDIT WARRIORS covering financial services in the credit repair and restoration category (Class 036). The trademark was filed on December 9, 2024.

Robinhood Gold renewed trademark financial services Class 036

USPTO renewed trademark TM98842413 for Robinhood Gold covering financial services including securities trading, margin lending, cryptocurrency trading, credit card services, and retirement account management. The renewal extends protection through the renewal term.

CAZ Investments Intent-to-Use Trademark Application

The USPTO received trademark application TM99083172 from CAZ Investments on March 31, 2026, for an intent-to-use filing covering entertainment services (podcasts and videos), fund management, and financial advisory services. This is a routine trademark application filing with no regulatory obligations for industry participants.

JG Capital Partners renewed trademark, insurance services

The USPTO renewed trademark TM99035180 for JG Capital Partners covering insurance services. The renewal includes property and casualty insurance, health and life insurance, automobile insurance, and various commercial insurance lines. Trademark renewals maintain intellectual property protections for the registered mark.

RAINCHEX Trademark Application - Extended Warranty Services for Golf Tee Times

USPTO published RAINCHEX Intent-to-Use Trademark Application TM98951063 on January 10, 2025. The application covers providing extended warranties on golf tee times under Class 036 (Insurance and Finance). The publication date for opposition purposes is March 31, 2026.

Escape Velocity Financial Planning - Trademark Renewal for Financial Advisory Services

The USPTO renewed trademark registration TM98325993 for Escape Velocity Financial Planning, covering financial planning for retirement and financial retirement plan consulting services. The renewal extends intellectual property protection for the registrant's brand identity in Class 36 (Insurance and Financial Services). This is a routine administrative action with no new obligations imposed on the trademark holder or third parties.

Oklahoma Central Credit Union Trademark Renewal - Financial Services

The USPTO renewed trademark TM99015228 for Oklahoma Central Credit Union, covering financial services including credit union operations, mobile and online banking, loan financing, credit card services, and charitable foundation activities. The renewal was filed January 22, 2025.

RET Ventures intent-to-use trademark, venture capital services, filed 20th Sep 2024

RET Ventures intent-to-use trademark, venture capital services, filed 20th Sep 2024

Updated Sanctions Notice: ISIL (Da'esh) / Al-Qaeda

SECO (Swiss State Secretariat for Economic Affairs) updated the ISIL (Da'esh) / Al-Qaeda sanctions list on March 30, 2026. The UN Security Council Sanctions Committee amended the consolidated list, and the changes are directly applicable in Switzerland. FINMA notified financial intermediaries of their obligations to implement asset freezes and report affected relationships to SECO.

Indefinite Prohibition - Nicholas Buckley - Retail Intermediaries

The Central Bank of Ireland issued an indefinite Prohibition Notice to Nicholas Buckley, effective 25 February 2026. Buckley, while employed at two retail intermediaries between 1 February 2021 and 12 December 2023, diverted client invoice payments to his personal bank account and misrepresented his financial qualifications. The prohibition bars him from performing any controlled functions in regulated financial services indefinitely.

Tennessee Weekly Formula Interest Rate Cap

The Tennessee Department of Financial Institutions announced the weekly formula interest rate of 10.75% per annum, effective March 31, 2026. The rate is calculated as 4% over the Federal Reserve's weekly average prime loan rate of 6.75%. This rate remains in effect until the Federal Reserve changes the prime rate.

Insurance License Revoked for Exam Fraud

Michigan DIFS revoked Maleek Peyton's insurance license (System ID No. 1301538) for obtaining a license through misrepresentation or fraud and demonstrating untrustworthiness through fraudulent or dishonest practices. Peyton admitted to violations of Sections 1239(1)(a) and 1239(1)(g) of the Michigan Insurance Code. The license revocation is effective immediately, and Peyton is permanently prohibited from reapplying for any license administered by DIFS.