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Strategy-focused Human Capital Disclosures Framework

Japan's Financial Services Agency published strategy-focused guidance on human capital disclosures, including a research report and examples of disclosure practices. The framework addresses how companies should disclose human capital investments that contribute to mid-to-long-term corporate value creation despite reducing short-term profits.

Twenty-fourth Meeting of the Council for Cooperation on Financial Stability

The Financial Services Agency (FSA) and Bank of Japan (BOJ) held their twenty-fourth joint Council for Cooperation on Financial Stability meeting on April 8, 2026. Senior officials including the FSA Commissioner and BOJ Deputy Governors convened to exchange views on current financial system and market conditions.

Japan FSA shares IAIS cooperation interview, March 2026

Japan's Financial Services Agency announced publication of an interview with IAIS Executive Committee Chair Miyoshi Toshiyuki in The Eurofi Magazine (March 2026). The interview discusses IAIS efforts to promote cross-border supervisory convergence and strengthen global cooperation in insurance amid increasing geopolitical fragmentation.

Mind the Gap: Announced versus Implied Tariff Rates in Recent Trade Policy Episodes

The Federal Reserve published FEDS Notes research analyzing the gap between announced U.S. tariff rates (effective tariff rate) and realized tariff rates calculated from Census data. Authors Sydney Eck, Trang Hoang, Carter Mix, and Madeleine Ray performed mathematical decomposition comparing 2018-2019 and 2025 tariff episodes. The analysis found the current tariff rate gap is substantially larger than in 2018-2019, driven by faster substitution toward lower-tariff products, increased frontloading, and greater tariff manipulation by importers.

Detecting Tariff Effects on Consumer Prices in Real Time – Part II

Federal Reserve economists published Part II of a methodology study detecting tariff effects on consumer prices using publicly available data. The study confirms that tariffs implemented in 2025 led to statistically significant price increases for tariff-exposed consumer goods. The authors estimate that tariffs implemented through November 2025 raised core goods PCE prices by 3.1 percent through February 2026, contributing to a 0.8 percent boost in core PCE prices overall.

India and the Global Economy

The Federal Reserve published a FEDS Notes article analyzing India's position as the world's fastest growing economy and 5th largest by GDP. The research notes that India's share of global GDP (3%) remains far below its 20% share of world population, and examines how India's services-driven growth model differs from earlier Asian economies' manufacturing export strategies.

Stablecoins 2025: Developments and Financial Stability Implications

Federal Reserve researchers published an analysis finding stablecoin market capitalization grew approximately 50% in 2025, with transaction volume and DeFi protocol usage also surging. The note identifies three structural developments reshaping the stablecoin landscape: increasingly complex intermediation chains, strategic vertical integration, and accelerating retail adoption through digital wallet partnerships. Researchers warn these trends may amplify financial stability vulnerabilities including run risk, reduced market transparency, and amplified interconnections between traditional finance and digital asset ecosystems.

NCUA Proposes FOM Amendment to Associational Common Bond Provisions

The NCUA Board proposes to amend associational common bond provisions in its chartering and field of membership rules. The amendment would eliminate automatic bars on association eligibility when product or service purchases are conditions of membership, instead allowing case-by-case evaluation of circumstances. Public comments are due June 8, 2026.

Hochul Announces State Police DFS Partnership to Combat Insurance Fraud

Governor Hochul announced a partnership between the New York State Police and the Department of Financial Services to combat insurance fraud. The collaboration will enable intelligence sharing and coordinated investigations targeting fraudulent activity across New York's insurance sector. This enhanced enforcement partnership aims to strengthen fraud detection and prosecution capabilities.

Fed proposes allowing cross-border FedNow payments

The Federal Reserve has proposed opening its instant payment service FedNow to cross-border transactions. This initiative would enable participating banks to process international payments through the FedNow network, potentially competing with existing private cross-border payment corridors. ABA Banking Journal reports on this development affecting banks and payment service providers.

White House Report Downplays Stablecoin Interest Ban for Banks

The ABA Banking Journal reports on a White House report that downplays risks to banks from paying interest on stablecoins. The report suggests that allowing banks to offer stablecoin interest payments does not pose significant systemic risk. Banks and fintech companies offering stablecoin services should monitor this policy development as Congress continues to consider stablecoin legislation.

FinCEN and OFAC Propose Stablecoin AML and Sanctions Requirements

FinCEN and OFAC have proposed new anti-money laundering and sanctions compliance requirements specifically targeting stablecoin issuers. The proposed rules would establish AML program requirements and sanctions screening obligations for companies issuing stablecoins. The ABA Banking Journal reports on these developments affecting banks and fintech companies involved in stablecoin issuance and related payment services.

FOMC Minutes: Members Skeptical on Taming Inflation Amid Tariffs

The ABA Banking Journal reports on FOMC meeting minutes showing Federal Reserve officials expressed skepticism about near-term inflation control due to tariff uncertainty. Members cited tariff-related price pressures as a key factor complicating the inflation outlook.

GENIUS Act Stablecoin Rule Targets Illicit Finance Risks

FinCEN and OFAC issued a joint proposed rule on April 8, 2026, to implement provisions of the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act). The rule targets permitted payment stablecoin issuers (PPSIs) with anti-money laundering program requirements and sanctions compliance obligations. The proposed framework is designed to be fit for purpose, assist law enforcement, and minimize unnecessary burden while encouraging stablecoin innovation.

Permitted Payment Stablecoin Issuer AML/CFT Program Requirements

FinCEN published a Notice of Proposed Rulemaking on April 8, 2026, introducing Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) program requirements and sanctions compliance obligations for permitted payment stablecoin issuers. The proposal would establish mandatory Bank Secrecy Act compliance frameworks for stablecoin issuers, including program development, oversight, and reporting requirements. Affected parties include stablecoin issuers and financial institutions facilitating permitted payment stablecoin transactions.

RBI Issues Draft Directions for Trade Receivables Discounting System

The Reserve Bank of India released draft directions for Trade Receivables Discounting System (TReDS) platforms on April 8, 2026, seeking to rationalize and harmonize existing guidelines for MSME trade receivables financing. The draft directions are open for public comments until May 1, 2026. Banks, TReDS platform operators, and MSME stakeholders should review the proposed changes and submit feedback through RBI's Connect 2 Regulate portal.

16 NBFCs Surrender Certificates of Registration Under Section 45-IA

The Reserve Bank of India cancelled the Certificates of Registration of 16 Non-Banking Financial Companies (NBFCs) under Section 45-IA(6) of the RBI Act, 1934. The cancellations, effective between March 3-30, 2026, resulted from companies voluntarily surrendering their registrations or meeting criteria for unregistered Core Investment Companies.

Statement on Developmental and Regulatory Policies - Commercial Banks

The Reserve Bank of India announced several developmental and regulatory policy measures for commercial banks, including proposals to dispense with Investment Fluctuation Reserve (IFR) requirements and to simplify CRAR computation by removing conditions on quarterly profit inclusion. The RBI also published 64 draft Master Directions consolidating supervisory instructions for public comment, representing a significant rationalization of the supervisory framework.

MPC Keeps Repo Rate Unchanged at 5.25 Percent

The RBI Monetary Policy Committee voted unanimously to keep the policy repo rate unchanged at 5.25% at its April 6-8, 2026 meeting. The standing deposit facility rate remains at 5.00% and the marginal standing facility rate and bank rate remain at 5.50%, with the committee maintaining a neutral stance. Real GDP growth for 2026-27 is projected at 6.9%.

91-Day, 182-Day and 364-Day T-Bill Auction Result: Cut-off

The Reserve Bank of India announced the results of its T-Bill auction held on April 8, 2026. The auction accepted ₹12,000 crore in 91-day T-Bills at 5.3064% yield, ₹6,000 crore in 182-day T-Bills at 5.5299% yield, and ₹6,000 crore in 364-day T-Bills at 5.6278% yield. All notified amounts were fully accepted at the respective cut-off prices.

RBI Cancels Certificate of Registration of 54 NBFCs

The Reserve Bank of India has cancelled the Certificate of Registration of 54 Non-Banking Financial Companies under Section 45-IA(6) of the RBI Act, 1934 for regulatory non-compliance. The enforcement action removes these entities' authorization to conduct NBFC operations. Affected companies include entities such as Chefair Impex Ltd and Umeed Leasing & Finance Limited.

Draft Amendment Directions on CET1 Capital and Quarterly Profits for CRAR

The Reserve Bank of India released draft amendment directions on April 8, 2026, proposing to remove the qualifying condition linking quarterly profit inclusion in CET1 capital to NPA provision deviations. Currently, banks may reckon quarterly profits only if incremental NPA provisions have not deviated more than 25% from the four-quarter average. Comments are invited until April 29, 2026.

RBI Releases Eight Economic Outlook Surveys

The Reserve Bank of India released results of eight Forward Looking Surveys covering Q3-Q4 2025-26, including Urban and Rural Consumer Confidence Surveys, Inflation Expectations Survey, Manufacturing Sector Surveys, Professional Forecasters Survey, Bank Lending Survey, and Services/Infrastructure Outlook Survey.

Consolidation of Supervisory Instructions - Drafts for Comments

The Reserve Bank of India has published 64 draft consolidated Master Directions for supervisory instructions, seeking public comments by May 8, 2026. The consolidation will repeal 626 circulars across 11 types of regulated entities on up to nine functions/areas. This follows an earlier consolidation of over 9,000 regulatory circulars into 238 Master Directions, aiming to enhance clarity and reduce compliance burden for regulated entities.

RBI invites comments on Draft Governance Amendment Directions

The Reserve Bank of India has issued draft Amendment Directions revising governance requirements for Commercial Banks, Small Finance Banks, Payments Banks, and Local Area Banks. The amendments replace prescriptive 'seven themes' with principle-based guidance and rationalize board reporting requirements to enable more focused engagement on strategy and risk governance. Public comments are invited until May 7, 2026.

Governor Statement on MPC Policy: Repo Rate Holds at 5.25%

The RBI Governor's statement for April 8, 2026 announced the MPC's unanimous decision to keep the policy repo rate unchanged at 5.25 percent. The SDF remains at 5.00 percent and the MSF/Bank Rate at 5.50 percent, with the neutral stance maintained. The MPC cited contained inflation but flagged increased upside risks from energy price pressures and potential weather disruptions affecting food prices amid heightened geopolitical tensions.

RBI Invites Public Comments on Investment Fluctuation Reserve Amendment Directions

RBI released draft Amendment Directions on Investment Fluctuation Reserve (IFR) covering 10 categories of banks, including Commercial Banks, Small Finance Banks, Payments Banks, Co-operative Banks, and Regional Rural Banks. The amendments address operational challenges in maintaining IFR above regulatory thresholds and differences across prudential frameworks. Public comments are invited until April 29, 2026.

RBI T-Bills Auction Results: Yields 5.30% to 5.63%

The RBI conducted a Treasury Bills auction on April 8, 2026, covering 91-day (₹12,000 crore), 182-day (₹6,000 crore), and 364-day (₹6,000 crore) tenors. Cut-off yields ranged from 5.30% (91-day) to 5.63% (364-day), with total competitive bids received of ₹94,038.10 crore across 302 bids.

GENIUS Act AML/CFT Requirements for Payment Stablecoin Issuers

FinCEN and OFAC issued a joint proposed rule to implement the GENIUS Act's anti-money laundering and sanctions compliance program requirements for permitted payment stablecoin issuers (PPSIs). The rule would require PPSIs to establish AML/CFT programs, report suspicious activity, and maintain sanctions compliance programs as financial institutions under the Bank Secrecy Act. Comments are being accepted on the proposal.

FOMC Minutes Released, March 17-18 2026 Meeting

The Federal Reserve released the minutes of the FOMC meeting held on March 17-18, 2026. The minutes, published on April 8, 2026, describe economic and financial conditions considered by the Committee and are typically released three weeks after policy decisions. The full minutes are available in HTML and PDF formats on the Board's website.

SEC Appoints David Woodcock as Director of Division of Enforcement

The SEC announced the appointment of David Woodcock as Director of the Division of Enforcement, effective May 4, 2026. Woodcock, currently a partner at Gibson, Dunn & Crutcher LLP, previously served as Director of the SEC's Fort Worth Regional Office from 2011 to 2015. He will succeed Acting Director Sam Waldon and lead the Division's 1,000+ enforcement professionals.

FinCEN proposes fundamental Bank Secrecy Act reform

FinCEN and federal banking agencies have proposed a comprehensive overhaul of Bank Secrecy Act compliance requirements for financial institutions. The proposal aims to modernize AML program obligations and reporting thresholds. ABA Banking Journal reports on the reform implications for community and commercial banks.

FDIC Proposes Stablecoin Rulemaking Under GENIUS Act

The FDIC has proposed rulemaking to implement stablecoin regulations under the GENIUS Act framework. The proposal would establish federal oversight requirements for banks and financial institutions engaged in stablecoin issuance, custody, and payment activities. Banks and fintech companies involved in digital asset payments should monitor this development as the comment period opens.

Big tech ad fraud, accountability, KYC rules

The ABA Banking Journal published a podcast episode (Fraudcast) examining how big tech advertising platforms may be facilitating scam ecosystems, and exploring accountability mechanisms and KYC (Know Your Customer) requirements as potential regulatory responses. The episode discusses compliance implications for banks addressing fraud risks linked to digital advertising.

CISA Advisory Warns Critical Infrastructure of Iran Cyberattacks

The ABA Banking Journal reports that CISA, alongside FBI, NSA, and Treasury agencies, issued a joint advisory warning critical infrastructure operators—including financial institutions and water systems—of increased Iran-linked cyber threat activity. The advisory highlights potential attacks targeting operational technology and claims of successful intrusions by Iranian threat actors against organizations worldwide.

Pittsfield Cooperative and Adams Community Bank Announce Merger, $1.5B Assets

Pittsfield Cooperative Bank and Adams Community Bank announced a merger agreement creating a combined institution with approximately $1.5 billion in assets. The merger would unite two Massachusetts community banks, expanding their market presence and operational scale. Final terms and regulatory approval timeline were not disclosed.

Tenth Circuit to Review Colorado Rate Cap Law

The Tenth Circuit Court of Appeals has agreed to review a Colorado law capping interest rates on consumer loans. The case, which may set precedent for rate cap regulations, will examine whether the state's 36% rate cap violates federal law or preemption principles. Banks and alternative lenders offering consumer credit products in Colorado should monitor this proceeding.

Americans lost $20.9B to cybercrime in 2025

ABA Banking Journal reports FBI data showing Americans lost $20.9 billion to cybercrime in 2025, a 26% increase from the prior year. The article discusses common attack vectors affecting banks and their customers, along with recommended defensive measures. Financial institutions should note the escalating threat landscape when reviewing cybersecurity programs.

ACH and Stablecoins: Complementary Rails for a Converging Payments Ecosystem

NACHA published a white paper exploring how the ACH Network serves as the primary on- and off-ramp for stablecoin transactions, addressing integration of tokenized money with traditional banking rails. The paper analyzes the GENIUS Act's compliance requirements for payment stablecoin issuers and provides practical guidance on ACH return scenarios, fraud risks, and transaction monitoring for financial institutions entering the stablecoin ecosystem.

Nacha Announces Walrus Security as Preferred Partner for Account Validation and Fraud Prevention

Nacha announced Walrus Security as a new Preferred Partner for Account Validation, Fraud Monitoring, and Risk and Fraud Prevention. Walrus Security's DoubleCheck platform verifies ACH payment details before transactions are released, authenticating counterparty information using multiple identity signals to prevent credit-push frauds such as business email compromise.

IPR Center Partners with Rx-360 to Combat Counterfeit Pharmaceuticals

The National IPR Coordination Center (IPR Center) announced a partnership with Rx-360, the International Pharmaceutical Supply Chain Consortium, to strengthen enforcement against counterfeit pharmaceuticals and medical devices. The IPR Center will share investigative leads and areas of concern with Rx-360's network of pharmaceutical and medical device manufacturers, while both organizations will conduct joint outreach and training at industry events. This collaboration aims to enhance supply chain security and protect patient safety.

Comptroller Statement on Final Rule Eliminating Reputation Risk from Bank Supervision

The OCC and FDIC jointly issued a final rule removing reputation risk as a basis for bank supervisory action. The rule, presented by Comptroller Jonathan V. Gould, prohibits regulators from using subjective reputation-based grounds to deny banking services to lawful businesses and individuals. The rule implements the President's fair banking Executive Order and requires ongoing review of alleged debanking actions at the largest national banks.

FedNow Intermediary Access Proposal

The Federal Reserve Board issued a proposal on April 8, 2026, allowing U.S. banks and credit unions to use intermediaries for FedNow Service fund transfers. Currently, FedNow transfers are limited to two U.S. banks per transaction. The proposal would expand functionality to enable correspondent banking relationships and cross-border payment facilitation. The Federal Reserve is seeking public comments for 60 days following Federal Register publication.

Central Bank Exempts Principal Home Bridging Loans from LTI Limit

The Central Bank of Ireland published a targeted amendment to its macroprudential mortgage measures, exempting certain principal home bridging loans from the Loan-to-Income (LTI) limit. The exemption applies to short-term bridging loans (maximum 18 months) where repayment comes from property sale proceeds rather than regular income. The LTV limit and all other mortgage measure elements remain unchanged.

Financial Conditions of Credit Unions Report 2025

The Central Bank of Ireland published its annual Financial Conditions of Credit Unions Report for FY2025 ending 30 September 2025. The sector reported total assets of €22.5bn (up 5%), gross loans of €7.7bn (up 8%), and member savings of €18.7bn. The report provides statistical commentary on lending diversification, reserves, and return on assets.

Sunshine Act Meeting Notice - April 2026 Board Meeting

The FDIC announced a Sunshine Act Board meeting for April 7, 2026, to consider three items: a proposed rulemaking on GENIUS Act requirements for stablecoin issuers and insured depository institutions, a proposed rulemaking on AML/CFT programs, and a final rule prohibiting use of reputation risk by regulators. The meeting will be open to public observation via webcast.

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.

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.