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Exploring the Structure of Bank Holding Companies
The Federal Reserve Bank of New York's Liberty Street Economics blog published an educational post explaining the structure of bank holding companies (BHCs) and financial holding companies (FHCs). The article uses a fictional 'Central Point Corporation' to illustrate organizational hierarchies, regulatory filing requirements (FR Y-9C, FR Y-9LP, FFIEC 031), and the distinctions between different entity types within banking organizations. This is the first in a series replacing the discontinued Quarterly Trends report.
CSSF 2026 Supervisory Priorities for Investment Fund Sector
The CSSF published its 2026 supervisory priorities for the investment fund sector, identifying governance/operational risks, ICT/cyber risks, and third-party risk management as key focus areas. The regulator will conduct supervisory actions including follow-up on ESMA Common Supervisory Actions on internal audit, compliance, and risk management functions, as well as a study on third-party risk compliance with ESMA's 14 principles. DORA implementation monitoring remains a priority for Luxembourg investment fund managers.
The Estates Brokerage Trademark Application for Real Estate Brokerage Services
USPTO received trademark application TM99298238 for 'THE ESTATES BROKERAGE' filed by The Estates Brokerage on July 23, 2025. The application covers real estate brokerage services and is filed under Intent-to-Use provisions, with anticipated registration date of March 30, 2026.
TFA Texas Financial Advisors Trademark Application
The USPTO published trademark application TM99085831 for 'TFA TEXAS FINANCIAL ADVISORS' in International Class 036 (Insurance & Finance). The application covers financial advisory services, wealth management, estate planning, and retirement planning. Publication date was March 30, 2026, initiating a 30-day opposition period during which third parties may challenge the registration.
America's Own Credit Union Trademark Application
USPTO received trademark application TM99092179 for "America's Own Credit Union" covering credit union services (International Class 036) on March 19, 2025. The application is filed on an Intent to Use basis, with a related deadline of March 30, 2026. This is a routine trademark filing; no immediate action is required from competitors or the public.
Reyna Super Insurance Services Trademark Application TM99294594
The USPTO published trademark application TM99294594 for REYNA SUPER INSURANCE SERVICES covering insurance agency services. The application was filed on July 21, 2025, and published for opposition on March 30, 2026. This is a routine trademark publication allowing third parties to file opposition before registration.
Governor Barr Remarks on Stablecoins and GENIUS Act
Federal Reserve Governor Michael S. Barr delivered remarks at The Federalist Society on March 31, 2026, discussing the GENIUS Act and stablecoin regulation. Barr outlined key concerns including AML/terrorist financing risks from secondary market stablecoin purchases and financial stability risks related to reserve asset quality and liquidity. He referenced the historical context of private money instability, including the Free Banking Era and Panic of 1907, to emphasize the need for safeguards.
Governor Panetta Address on 2025 Budget Approval and Economic Context
Banca d'Italia Governor Fabio Panetta addressed the Assembly on March 31, 2026, presenting the 2025 budget approval and outlining key leadership changes including the appointment of Paolo Angelini as Director General. The speech reviewed international economic developments including US tariff announcements and Middle East tensions affecting energy markets, alongside ECB monetary policy actions including 100 basis points of rate cuts.
2025 Annual Accounts
Banca d'Italia has published its approved 2025 annual accounts. The balance sheet reached €1,113 billion at end-2025, with gross profit of €3,018 million, reversing two years of losses. Net profit doubled to €1,652 million, with €340 million in dividends distributed to shareholders. The general risk fund was replenished by €900 million to €24,714 million.
Trauernicht v. Genworth Financial - ERISA Class Certification
The Fourth Circuit overturned class certification in Trauernicht v. Genworth Financial Inc., ruling that defined contribution plans like 401(k)s cannot satisfy Rule 23(b)(1) certification requirements. The court held that because individual participants hold separate account interests and not all challenged funds generated losses, individualized damages issues preclude class treatment. This ruling may substantially affect ERISA section 502(a)(2) litigation strategy.
FTC Warning Letters and Senator Warren Data Requests Target Auto Finance Industry
The FTC has issued warning letters to nearly 100 auto dealers regarding UDAAP violations in pricing and advertising practices, including hidden fees, conditional pricing, mandatory add-ons, and misrepresentations about vehicle availability. Senator Elizabeth Warren has issued a separate data request to auto finance companies seeking granular data comparing servicemember and general customer treatment.
Homebuyers Privacy Protection Act Limits Mortgage Trigger Leads
The FTC released updated Fair Credit Reporting Act (FCRA) text incorporating the Homebuyers Privacy Protection Act (Public Law 119-36), which took effect in March 2026. The Act restricts consumer reporting agencies from selling consumer reports to third parties for mortgage trigger leads, requiring either a firm offer of credit/insurance or specific documentation certifications before furnishing reports.
CFIUS Review Process for M&A Dealmakers, National Security Considerations
Morgan Lewis published guidance on navigating CFIUS and international trade issues in M&A transactions. The article emphasizes that national security considerations should be treated as a core deal workstream rather than a late-stage specialty review. Key takeaways include risk-based due diligence approaches, the expanded scope of CFIUS jurisdiction to minority investments, and the importance of early determination of mandatory versus voluntary filing requirements.
CFTC Innovation Task Force Launches, Congress Holds Tokenization Hearing, NYSE-Nasdaq Progress
CFTC Chairman announced launch of an Innovation Task Force providing a dedicated space for crypto, AI, and prediction market participants to engage with agency staff. SEC submitted an innovation exemption to the White House proposing safe harbors and exemptions to clarify the regulatory framework for crypto assets. DOL released a proposed rule allowing 401(k) plans to invest in alternative asset classes including digital assets, with a comment period closing March 30, 2026.
CFTC FAQs Clarify Crypto Collateral Rules for Financial Institutions
The CFTC's Market Participants Division and Division of Clearing and Risk published FAQs clarifying crypto asset collateral rules for regulated entities. The FAQs build on Staff Letter 25-39 (tokenized collateral) and Staff Letter 26-05 (digital assets as margin collateral), establishing procedural requirements for FCMs to accept crypto assets as customer margin collateral.
CFTC FAQs on Crypto Asset Use by FCMs, DCOs, and Swap Dealers
The CFTC's Market Participants Division and Division of Clearing and Risk issued 11 FAQs on March 20, 2026, clarifying how futures commission merchants, derivatives clearing organizations, and swap dealers may use crypto assets under existing regulations and recent staff guidance. The FAQs address permissible crypto assets as collateral, capital charges (2% for stablecoins, 20% for bitcoin/ether), DCO margin acceptance standards, and prohibited uses such as customer fund investments in stablecoins or non-stablecoin crypto as residual interest.
Tax considerations for preferred equity investments in private capital markets
Mayer Brown published Part 3 of a three-part series on preferred equity in private capital markets, analyzing key US federal income tax considerations. The article examines distinctions between corporate preferred stock and partnership/LLC interests, covering dividend taxation, passthrough treatment, and deductibility limitations under IRC Section 163(j). The analysis serves as an educational resource for issuers and investors structuring preferred equity transactions.
FinCEN Real Estate Reporting Rule Vacated Nationwide
A federal district court in Texas vacated FinCEN's 2024 residential real estate reporting rule on March 19, 2026, with full nationwide effect. The rule required detailed reporting of non-financed residential real estate transactions involving legal entities or trusts, covering over 800,000 transactions annually with an estimated $500 million in annual compliance costs. The court held FinCEN exceeded its statutory authority under the Bank Secrecy Act by treating all covered non-financed transactions as inherently suspicious. FinCEN has confirmed that reporting persons are not required to file transaction reports and will not face liability while the order remains in force.
NY court allows Lions Gate sacred rights, tortious interference claims
NY court allows Lions Gate sacred rights, tortious interference claims
Restructuring Roundup
JD Supra published a restructuring roundup covering March 2026 bankruptcy filings. The Lycra Company filed Chapter 11 in Houston seeking to eliminate $1.2 billion of its $1.53 billion debt under a lender-supported restructuring. Sailormen Inc., a major Popeyes franchisee with 136 locations, filed Chapter 11 in January with approximately $130 million in debt, resulting in closures of 20 restaurants in Florida and Georgia.
SEC-CFTC Joint Guidance on Crypto Asset Classification Under Federal Securities Laws
The SEC and CFTC issued joint guidance on March 23, 2026, establishing five crypto asset categories: digital commodities, digital collectibles, digital tools, stablecoins, and digital securities. The guidance clarifies which crypto assets fall under SEC jurisdiction as securities versus CFTC jurisdiction as commodities, while reaffirming the Howey test remains the governing standard for determining securities status.
SEC-CFTC Joint Interpretive Release on Crypto Token Taxonomy
The SEC and CFTC issued a joint interpretive release on March 17, 2026, establishing a five-category token taxonomy that determines which digital assets qualify as securities under federal law. The guidance excludes digital commodities, collectibles, utility tokens, and GENIUS Act-compliant stablecoins from securities classification, and clarifies that protocol mining, staking, wrapping, and airdrops do not constitute investment contracts. This represents a significant policy shift from the SEC's prior enforcement approach and serves as a bridge measure pending comprehensive market structure legislation.
EU Financial Regulators Propose MAR Guidelines and Prospectus Regulation Amendments
ESMA published consultations on February 19, 2026 proposing amendments to MAR guidelines on delayed disclosure of inside information and a statement on Prospectus Regulation implementation under the Listing Act. ESMA proposes a non-exhaustive indicative list of legitimate interests justifying deferral. The European Commission launched a separate consultation on private equity exit mechanisms. Comment deadlines are April 29, 2026 (MAR) and April 27, 2026 (PE).
Auto Loan Origination and Servicing - March 2026
Goodwin's March 2026 legal news update covers auto lending regulation trends, noting only 3 enforcement actions in 2025 recovering $13.1 million—a continued decline from prior years. The CFPB signaled reduced federal oversight while proposing to raise the larger participant threshold for auto financing, with state attorneys general expected to maintain enforcement activities as a counterbalance.
Renters Rights Act 2025: Implications for Living-Sector Lenders
K&L Gates analyzes the UK Renters' Rights Act 2025, which received Royal Assent in October 2025, with core reforms effective 1 May 2026. The Act abolishes assured shorthold tenancies and section 21 no-fault evictions, introduces annual rent increase caps, and creates a mandatory PRS database with an ombudsman regime. Living-sector lenders face revised underwriting assumptions, longer possession timelines, and updated finance documentation requirements.
LFG Trademark Application - Investment Management Services
USPTO received trademark application TM98739026 for the mark 'LFG' covering investment management, financial analysis and consultation, portfolio management, litigation financing, and related legal and business consulting services in International Class 036. The application was filed under Intent to Use basis and is being tracked through ChangeBridge trademark monitoring services.
Bay-Valley Mortgage Group Consent Order - 5-Year License Bar
The Connecticut Department of Banking issued a consent order barring Bay-Valley Mortgage Group from engaging in the mortgage lending business in Connecticut for 5 years. The action stems from findings that control persons Ji Na Oh and Sae Hyun Park violated NMLS Rules of Conduct and failed to demonstrate the requisite character and general fitness required for licensure under Connecticut law.
Ho Jin Lim Barred from Connecticut Mortgage Lending for 5 Years
The Connecticut Department of Banking issued a Consent Order barring Ho Jin Lim (NMLS # 1197908) from Connecticut mortgage lending for 5 years. The action stems from an investigation by the Consumer Credit Division that found Lim violated NMLS Rules of Conduct for Education Students and failed to demonstrate the requisite character and general fitness for continued licensure as a mortgage loan originator.
LeadPoint Secure Rights Consent Order - Unlicensed Mortgage Lead Generation
The Connecticut Banking Commissioner issued a consent order against LeadPoint, Inc. d/b/a Secure Rights (NMLS #3175) for acting as an unlicensed mortgage lead generator in Connecticut from February 2020 to April 2025, in violation of a prior 2020 consent order. LeadPoint agreed to pay a $50,000 civil penalty and to cease all unlicensed lead generation activities in the state. The enforcement action arose from an examination of a Connecticut mortgage lender licensee that identified LeadPoint as a third-party vendor.
Trademark Application - ACHIEVE FINANCIAL WELLNESS PROGRAM
An entity filed an Intent-to-Use trademark application (TM98656629) with the USPTO on July 19, 2024, for the mark "ACHIEVE FINANCIAL WELLNESS PROGRAM" covering credit counseling services and credit union services. The application, filed under International Class 036, establishes a priority filing date for the mark in connection with these financial services.
Abraham Ezekiel Banks Trademark Application - Class 36 Financial Services
USPTO received trademark application TM98530204 from Abraham Ezekiel Banks on May 1, 2024, for 'Abraham Ezekiel Banks' covering financial consultancy and financial information and advisory services in Class 36. The application is filed under Intent to Use basis, indicating the applicant plans to use the mark in commerce.
Joint ESAs Guidelines on ESG Stress Testing
The European Supervisory Authorities (EBA, ESMA, EIOPA) published joint guidelines establishing a common EU framework for ESG stress testing by financial institutions. Reference JC/GL/2025/78 provides institutions with methodological guidance on integrating climate and sustainability risks into stress testing scenarios. National competent authorities will monitor compliance with these guidelines.
CalMoneySmart Grants for Nonprofit Financial Education Organizations
The California Department of Financial Protection and Innovation announced $3.2 million in CalMoneySmart grant funding available for the 2026-2028 cycle to nonprofit organizations providing free financial education and empowerment services to California residents. Applications must be submitted by April 27, 2026, with maximum awards of $200,000 per fiscal year per grantee.
Richard Jensen Insurance Producer License Revocation
Michigan DIFS revoked the insurance producer license of Richard Jensen (Enforcement Case No. 25-18259) effective immediately. The revocation follows Jensen's admission of violating MCL 500.1207(1) (premium misappropriation) and MCL 500.1247(2) (failure to timely report felony prosecution). DIFS served a Notice of Opportunity to Show Compliance on May 14, 2025.
Ombudsman Service Sets Plans for Service Delivery Reforms for Year Ahead
The Financial Ombudsman Service (FOS) has published its 2026/27 Plans and Budget, outlining its most significant operational transformation in 25 years. Working with the FCA and government, the FOS will focus on delivering quicker, clearer, and easier service through new digital tools and process improvements. An FCA consultation (CP26-9) has been issued to update FOS processes and improve transparency for customers.
Exempt Collective Trust Funds from FINRA Rules 5130 and 5131(b)
FINRA filed SR-FINRA-2026-007 with the SEC proposing to exempt specified collective trust funds (CTFs) from FINRA Rule 5130 (restrictions on IPO purchases) and Rule 5131(b) (spinning restrictions). The exemption would allow qualifying CTFs to participate in new equity offerings currently restricted under these rules.
IO Biotech Inc Chapter 7 Bankruptcy Filing
SEC Form 8-K filed by IO Biotech, Inc. disclosing Chapter 7 bankruptcy filing on March 31, 2026. The company ceased operations and filed a voluntary petition in the U.S. Bankruptcy Court for the District of Delaware. A Chapter 7 trustee has been appointed to liquidate assets and pay claims. The filing triggers an event of default on a €22.5 million finance contract with the European Investment Bank.
Consolidated Balance Sheet Data
Bank of England published its consolidated balance sheet as of 31 December 2024, showing total liabilities of £855 billion and reserves balances of £711.6 billion. The quarterly statistical release contains consolidated asset and liability data across sterling and foreign currency categories. This is a routine informational publication with no regulatory requirements or compliance obligations.
Bill Dube Auto Group - Unlicensed Retail Seller Consent Order
The NH Banking Department issued a consent order against Bill Dube Auto Group, LLC for engaging in retail seller activities without a license in violation of RSA chapter 361-A. The company sold 140 motor vehicles subject to retail installment contracts between August and December 2025 without obtaining the required retail seller license, collecting $81,060 in administrative fees during the unlicensed period.
Crypto-Backed Mortgage Product Saleable to Fannie Mae
A digital asset exchange (Coinbase) partnered with an online mortgage lender to announce the launch of what they described as the first U.S. mortgage product allowing borrowers to pledge cryptocurrency assets (Bitcoin or USDC) as down payment collateral while being saleable to Fannie Mae. Under the product structure, borrowers receive two loans at closing: a standard Fannie Mae mortgage on the home and a separate loan covering the down payment secured by pledged crypto. The companies characterized this as integration of crypto into the U.S. housing finance system.
Draft FY 2026-2030 Strategic Plan for Public Comment
The CFPB published a draft strategic plan for fiscal years 2026-2030 outlining three goals: addressing consumer threats, reducing regulatory burdens, and strengthening governance. The plan emphasizes fraud protection, servicemember protections, partnering with DOJ on debanking issues, and implementing Executive Order 14219 to rescind burdensome regulations. Public comments are due April 17, 2026.
Fannie Mae and Freddie Mac Revise Insurance and Condo Requirements
FHFA directed Fannie Mae and Freddie Mac to revise selling and servicing guide requirements for homeowners insurance and condominium project reviews. Key insurance changes include retirement of lender documentation requirements for replacement cost value on one-to-four-unit properties and permitting actual cash value coverage for roofs, with a $50,000 per-unit deductible cap. Condominium reserve requirements increase from 10% to 15% of annual budgeted assessment income, streamlined review exemptions expand to projects with up to 10 units, and Florida's separate condo project approval process is eliminated. Insurance changes took effect immediately while project review changes phase through early 2027.
CFTC Innovation Task Force for Derivatives
CFTC Chair Michael Selig announced formation of the Innovation Task Force on March 24, 2026, dedicated to advancing clear rules for companies building novel products and technologies within U.S. derivatives markets. The task force will partner with the CFTC's Innovation Advisory Committee and coordinate with the SEC's Crypto Task Force on innovation initiatives.
FinCEN Targets MBaer with Most Severe Section 311 Measure
FinCEN issued a Notice of Proposed Rulemaking designating MBaer Merchant Bank AG a 'primary money laundering concern' under Section 311 of the PATRIOT Act. The proposed special measure five would effectively ban MBaer from the U.S. financial system by preventing U.S. financial institutions from maintaining correspondent accounts for the Swiss-based bank. FinCEN alleges MBaer facilitated Venezuelan corruption, Russian and Iranian money laundering, and terrorist financing.
SEC and CFTC Sign Historic Digital Assets MOU
The SEC and CFTC signed a Memorandum of Understanding on March 11, 2026, establishing a coordination framework across six key areas including digital assets, product definitions, and dually registered firms. The MOU supersedes the 2018 agreement and introduces data sharing, advance notification procedures, cross-training, and senior-level coordination mechanisms. The agreement signals a shift from enforcement-first regulation toward a 'minimum effective dose' philosophy for digital assets.
Executive Order to Expand Mortgage Credit Access
The White House issued Executive Order "Promoting Access to Mortgage Credit" directing the CFPB, Fed, FDIC, FHFA, NCUA, OCC, HUD, VA, and USDA to consider actions reducing mortgage lending compliance burdens under Dodd-Frank. The order specifically targets relief for banks under $100 billion in assets and aims to reverse declining bank participation in mortgage lending by modernizing ATR/QM requirements, TILA-RESPA disclosure timing, appraisal regulations, and supervisory guidance.
Hamidah NABAGALA added to UN sanctions list
The Guernsey Financial Services Commission issued a notice that the UN Security Council Committee pursuant to Resolution 1267 has added Hamidah NABAGALA (QDi.439) to the ISIL (Da'esh) and Al-Qaida Sanctions List. All businesses in Guernsey must immediately screen for relationships with the newly designated individual, freeze any associated funds or assets, and report findings to the Policy & Resources Committee.
Lipella Pharmaceuticals - Chapter 11 Bankruptcy Filing Disclosure
Lipella Pharmaceuticals Inc. filed a Form 8-K with the SEC disclosing that the company and certain subsidiaries filed voluntary petitions for Chapter 11 bankruptcy relief in the United States Bankruptcy Court for the Western District of Pennsylvania on March 30, 2026. The filing is required under Item 1.03 of Form 8-K to report material events affecting the registrant. The company cautions that trading in its common stock during the pendency of the Chapter 11 case is highly speculative.
Exemptive Order Application for BDC and Closed-End Fund Co-Investment
SEC published notice of an application by Lord Abbett Private Credit Fund and 18 affiliated entities requesting an exemptive order under sections 17(d) and 57(i) of the Investment Company Act of 1940. The application seeks permission for certain business development companies (BDCs) and closed-end management investment companies to co-invest in portfolio companies with each other and affiliated entities. Interested persons have until April 21, 2026 to request a hearing on the application.