Financial Services

Congresswoman Maxine Waters champions marijuana banking reform, highlighting bipartisan support for the Secure and Fair Enforcement Regulation (SAFER) Banking Act. Meanwhile, the Washington State Liquor and Cannabis Board introduces amendments to promote diversity in cannabis ownership, while a New Hampshire marijuana legalization bill faces scrutiny in a Senate committee.

U.S. regulators have taken control of Republic First Bancorp and arranged for its sale to Fulton Bank, a move that showcases the difficulties faced by regional banks following the collapse of three peers. Republic Bank, based in Philadelphia, was seized by the Pennsylvania Department of Banking and Securities after ending funding discussions with investors.

China's industrial profits in the first quarter of the year rose by 4.3% compared to the same period last year, showing slower growth than the initial two months. The National Bureau of Statistics revealed that profits fell by 3.5% year-on-year in March, indicating challenges for the country's economic recovery.

Japan's Ministry of Health, Labour and Welfare is preparing for a major reform of the public pension system next year, driven by the country's aging population and falling birthrate. The ministry is considering several options to increase benefit levels, including extending the contribution period and reviewing the system that suspends benefits for working elderly people.

East Japan Railway Co. (JR East) is launching an online banking service called JRE Bank on May 9, 2023, in partnership with Rakuten Bank Ltd. The service aims to attract customers with reward points and discount coupons, as passenger numbers are expected to remain stagnant following the COVID-19 pandemic.