News from the economy, politics and the financial markets
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UK FCA Webpage On Registration Under MLRs Ahead Of New Crypto Regime
The UK Financial Conduct Authority (FCA) has published a new webpage for cryptoasset firms who are considering applying for registration under the Money Laundering, Terrorist Financing, and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs), ahead of the new UK crypto regime which is due to come into force on 25 October 2027. The FCA states that the webpage is not relevant to cryptoasset firms that will still need to be registered with the FCA under the MLRs but will not...By: A&O Shearman
FinCEN’s Residential Real Estate Rulemaking Vacated
Recently, a federal judge in the Eastern District of Texas vacated FinCEN’s residential real rule (the “Rule”) finding that the agency exceeded its statutory authority under the Bank Secrecy Act (the “BSA”). Flowers Title Companies, LLC v. Bessent, Case No. 6:25-cv-127 (E.D. Tex. Mar. 19, 2026). Since finalization in 2024, the Rule has been subject to litigation in various jurisdictions....By: Ballard Spahr LLP
MoFo's Financial Markets & Innovation #7
Please see below for this week’s Financial Markets & Innovation Weekly Update from Morrison Foerster, tracking how emerging technologies are reshaping financial markets and how U.S. and global regulators are responding. Covering developments across digital assets, prediction markets, artificial intelligence, and next-generation trading infrastructure, this update highlights key regulatory actions, enforcement activity, policy signals, and related market structure implications....By: Morrison & Foerster LLP
OCC finalizes rule rescinding recovery planning guidelines
On March 31, the OCC finalized a rule, proposed in October 2025, rescinding its recovery planning guidelines (Appendix E to 12 CFR Part 30) for certain large insured national banks, federal savings associations, and insured federal branches with average total consolidated assets of $100 billion or more....By: Orrick, Herrington & Sutcliffe LLP
UK FCA Consults On Regulated Fees And Levies For 2026/27
The UK Financial Conduct Authority (FCA) has published consultation paper CP26/11 setting out its proposed fees and levies for 2026/27. The FCA is consulting on rules that enable it to raise regulatory fees and levies in 2026/27 to fund the FCA and UK Financial Ombudsman Service, as well as to collect specific levies on behalf of government departments....By: A&O Shearman
NAIC Readies Launch of New Illustration Requirements
On March 31, Ben Slutsker, chair of the National Association of Insurance Commissioners’ Life Insurance and Annuities Illustration Working Group, made clear that “it is a go” to “address annuity illustrations, and illustrations more broadly.” This followed the working group’s receipt of comments and ensuing discussion on the chair’s exposed question — “What are both short-term and long-term approaches to ensure consumers receive reasonable expectations for index annuity returns at the...By: Carlton Fields
Better Home & Finance and Coinbase Announce Launch of Partnership with Fannie Mae to Offer Crypto-Backed Mortgages
On March 26, 2026, mortgage provider Better Home & Finance and cryptocurrency trading platform Coinbase announced a partnership with Fannie Mae to offer Fannie Mae-complaint mortgages backed by cryptocurrency from borrowers as collateral....By: Goodwin
Alternative Investments: The Guinea Pig Problem in 401(k) Plans
There are two kinds of people in this world: the ones who volunteer, and the ones who get volunteered. I’ve never liked being in the second category. There’s something about someone else signing you up for responsibility, risk, and potential headaches without asking first that just doesn’t sit right. It’s why I’ve always lived by a simple rule: I don’t volunteer other people for things I wouldn’t want to be volunteered for myself. That applies across the board, colleagues, TPAs, and especially...By: Ary Rosenbaum - The Rosenbaum Law Firm P.C.
Part 2: NYDFS Sharpens Its Focus on Multifactor Authentication
Financial institutions covered by 23 NYCRR Part 500 (Part 500) (covered entities) must annually certify their compliance with these cybersecurity regulations....By: Cooley LLP
Financial Readiness: Fixing the Problems Before Going to Market
When a business owner is considering a sale, financial statements are often the first point of contact with a potential buyer. Before any discussions commence regarding strategy, growth potential, or culture, buyers are going to ask the question, “Can we see your financials?”...By: Offit Kurman
Renewable Energy Update 4.3.26
Governor Gavin Newsom’s administration has proposed ending the four-year-old Demand Side Grid Support (DSGS) program, which pays homes and businesses to send rooftop solar power back to the grid or reduce their energy use during times of peak electricity demand....By: Allen Matkins
CFTC Launches Innovation Task Force with Focus on Prediction Markets and Emerging Technologies
On March 24, 2026, the Commodity Futures Trading Commission (CFTC) announced the formation of a new Innovation Task Force focused on developing a regulatory framework for emerging technologies, including prediction markets and event contracts....By: Venable LLP
Sixth Circuit pauses appeals challenging CFPB’s open banking rule pending rulemaking
On March 30, the U.S. Court of Appeals for the 6th Circuit granted a motion by the plaintiff banking groups to hold briefing in abeyance in consolidated appeals challenging the CFPB’s Personal Financial Data Rights Rule, also known as the Section 1033 open banking rule....By: Orrick, Herrington & Sutcliffe LLP
The California DFAL License Application Is Open: Assess Your Business Model Now for the July 1 Deadline
We published a client alert in April 2024 about the implementation of a “BitLicensesque” regime in California, the Digital Financial Assets Law (DFAL). After an extended delay of the effectiveness of the licensing provisions, the wait is over....By: Goodwin
DOL Proposes Rule on Fiduciary Duties for Selecting 401(k) Plan Investment Options
The US Department of Labor has proposed a rule that could reshape how fiduciaries evaluate 401(k) investment options. Although rooted in an executive order on alternative assets, the proposal addresses more than just alternative assets and outlines a new process-based safe harbor for fiduciary decision-making....By: Morgan Lewis
CFPB asks D.C. Circuit to modify stay pending appeal, allow new staff reduction plan to proceed
On March 31, the CFPB moved the U.S. Court of Appeals for the D.C. Circuit to modify its stay pending appeal to allow the Bureau to immediately implement a new reduction-in-force (RIF) plan that would more than halve its staff from 1,174 employees to 556....By: Orrick, Herrington & Sutcliffe LLP
Bulked-Up Defense, Slimmed-Down Domestic: Inside the FY 2027 Skinny Budget
On Friday, April 3, the Trump administration released the fiscal year (FY) 2027 president’s budget request in addition to the Appendix and Analytical Perspectives. The proposed budget (“Budget”) detailed in the Appendix would reduce nondefense base discretionary funding by $73 billion to $660 billion, a 10% decrease from enacted FY26 levels, and increase defense discretionary spending by $251 billion to $1.15 trillion, a 28% increase. Total discretionary funding is increased to $1.829 trillion...By: Brownstein Hyatt Farber Schreck
Tenth Circuit grants en banc review in Colorado DIDMCA opt-out case
On April 2, the U.S. Court of Appeals for the 10th Circuit granted a petition for rehearing en banc in a case challenging Colorado’s opt-out from DIDMCA’s federal interest rate preemption framework. The 10th Circuit vacated the panel’s November 10, 2025...By: Orrick, Herrington & Sutcliffe LLP
FinCEN proposes rule to implement ‘paid’ whistleblower program
On March 30, FinCEN announced that it has issued an NPRM in the Federal Register to implement a whistleblower program which, among other things, would “pay” whistleblowers to encourage those with knowledge of potential violations of: (i) the BSA/AML; (ii) the International Emergency Economic Powers Act; (iii) the Trading With the Enemy Act; and (iv) the Foreign Narcotics Kingpin Designation Act, to voluntarily report such information. The proposed rule seeks to implement § 6314 of the Anti-Money...By: Orrick, Herrington & Sutcliffe LLP
Iowa 2026 Legislative Session – Week 12
It was another short week under the golden dome. After floor debate and committee meetings, many legislators headed back to their districts on Wednesday afternoon....By: Dentons
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