This is Queen Street Analytics' weekly digest of regulatory developments, legislative discussions and other government-related news for professionals in the financial industry, banking, credit unions, insurance, payment processing, fintech, credit card issuing, asset management, venture capital, private equity, and crypto-currencies. Once a week, we break down the most important updates in this space in under five minutes.

Want to track other GR news in adjacent industries? Don’t miss this week’s updates in ICT & Cybersecurity. Also consider subscribing to our Finance - Ottawa edition covering critical GR news north of the border.

Dates: 2026-03-15 to 2026-03-21

📋 In This Week's Newsletter

• 🏛️ This Week's Congressional Calendar
• 🇺🇸 Federal Government News
• 📜 Legislative Updates
• 📚 What We're Reading This Week

This Week's Congressional Calendar

• House Financial Services Committee: Tokenization and the Future of Securities: The House Financial Services Committee will hold a hearing titled 'Tokenization and the Future of Securities: Modernizing Our Capital Markets' on March 25, 2026, at 2:00 pm ET in Rayburn 2128, featuring testimony from SIFMA, Blockchain Association, DTCC, and Nasdaq executives.
• Senate Banking Committee: Export-Import Bank Reauthorization: The Senate Banking, Housing, and Urban Affairs Committee will convene on March 26, 2026, at 2:00 pm ET in Dirksen 538 to review the Export-Import Bank Reauthorization.
• House Financial Services Subcommittee on Digital Assets: Regulatory Pace of Innovation: The House Financial Services Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence will hold a hearing, 'Innovation at the Speed of Markets: How Regulators Keep Pace with Technology,' on March 26, 2026, at 2:00 pm ET in Rayburn 2128.
• Joint Economic Committee: Modernizing Federal Approaches to Global Scam Economy: The Joint Economic Committee is scheduled to meet on March 25, 2026, at 5:30 pm ET in Dirksen G50 to discuss federal responses to rising global scam and fraud trends.

Federal Government News

Executive Order Promotes Access to Mortgage Credit

President Biden issued Executive Order 14393 on March 13, directing federal agencies to reduce regulatory burdens on mortgage origination and servicing, particularly for community and smaller banks. The order instructs the Consumer Financial Protection Bureau (CFPB) to consider amendments to Regulation Z, including broader Qualified Mortgage (QM) safe harbors for portfolio loans and modified disclosure requirements under TILA-RESPA Integrated Disclosure (TRID) rules. It also urges changes to Home Mortgage Disclosure Act thresholds, capital and liquidity rules for mortgage assets, streamlined appraisal and closing processes, and modernization of digital mortgage systems. Agencies are given specific timelines to review supervisory guidance, streamline compliance for smaller banks, and propose modifications to ensure more competitive rates and credit availability for homebuyers.

Sources: www.federalregister.gov

SEC Grants Conditional Exemptive Relief to Multi-Class ETFs

The SEC granted conditional exemptive relief under Section 36 of the Exchange Act to broker-dealers and other parties engaging in certain creation and redemption transactions involving the ETF shares of multi-class ETFs. The order, issued March 17, 2026, provides relief from Rules 10b-10, 14e-5, and Section 11(d)(1), subject to conditions paralleling the 2019 ETF order. Multi-class ETFs must comply with Rule 6c-11 for their ETF share classes, though mutual fund shares are not exchange-listed. The relief permits transactions provided there is portfolio transparency, minimum diversification, and compliance with specified conflict-of-interest and disclosure measures. No relief is granted for transactions involving mutual fund classes or exchange privileges between mutual fund and ETF shares.

Sources: www.federalregister.gov

DOL Implements Vacatur of Fiduciary Rule, Reinstates Five-Part Test

The Department of Labor (DOL) issued a final rule conforming ERISA regulations and exemptions to federal court vacaturs that struck down the 2024 Fiduciary Rule and 2024 amendments to Prohibited Transaction Exemption (PTE) 2020-02. Effective April 20, 2026, the rule removes the 2024 Fiduciary Rule from the Code of Federal Regulations and reinstates the longstanding five-part test for investment advice fiduciaries. The DOL clarifies the preamble to PTE 2020-02 is no longer reliable guidance due to conflicting and vacated interpretations. The operative text of PTE 2020-02 as originally published in 2020 remains in effect, with no legal changes to the exemption's terms for investment advice fiduciaries and related parties.

Sources: www.federalregister.gov

CFPB Seeks Comment on Mortgage Advertising Regulation Recordkeeping

The CFPB requested public comment on reinstatement of information collection under Regulation N (Mortgage Acts and Practices—Advertising), which prohibits misrepresentation in mortgage product advertising and requires covered persons to retain related records for 24 months. The agency estimates 483 respondents, with a total annual burden of 242 hours. Feedback is invited on the necessity, burden estimates, and potential improvements to the information collection, with comments due by April 20, 2026.

Sources: www.federalregister.gov

SEC Proposes Amendments Limiting Rule 15c2-11 to Equity Securities

The SEC has proposed amendments to Rule 15c2-11 under the Securities Exchange Act of 1934 to limit its scope to equity securities, as defined under Rule 3a11-1. The proposed changes would replace references to “security” or “securities” with “equity security” throughout the rule. The agency notes that after the 2020 amendments, industry participants had raised concerns about unintended application to fixed-income securities. Comments on the proposed rule are due by May 18, 2026, with the compliance date 60 days after final publication. The proposal seeks feedback on definitions, potential operational impacts, and whether additional changes to recordkeeping and exceptions would be appropriate.

Sources: www.federalregister.gov

Legislative Updates

Financial Reporting Threshold Modernization Act

Bill 1799, titled the Financial Reporting Threshold Modernization Act, was placed on the Union Calendar, No. 478, on March 19. The bill focuses on updating financial reporting requirements for the sector.

Sources: www.congress.gov

Community Bank Regulatory Tailoring Act Advances

Bill 7056, the Community Bank Regulatory Tailoring Act, was placed on the Union Calendar, No. 480. The measure would tailor regulatory approaches for smaller banks.

Sources: www.congress.gov

TRIA Program Reauthorization Act of 2026 Moves Forward

Bill 7128, the TRIA Program Reauthorization Act of 2026, has been placed on the Union Calendar, No. 482, signaling continued congressional focus on terrorism risk insurance.

Sources: www.congress.gov

Public Company Advisory Committee Act of 2026

Bill 6967, the Public Company Advisory Committee Act of 2026, was placed on the Union Calendar, No. 479, and addresses oversight mechanisms for public companies.

Sources: www.congress.gov

Amending the SEC Disclosure Requirements for Conflict Minerals

Bill 7085, aiming to amend the Securities Exchange Act of 1934 by repealing certain conflict minerals disclosure requirements, was placed on the Union Calendar, No. 481.

Sources: www.congress.gov

What We're Reading This Week

• Wall Street bank capital to fall 4.8% under new rules, in win for industry: U.S. regulators' new capital rules will result in an estimated 4.8% reduction in big bank capital requirements.
• ‘Streetwise’ Review: A Banker’s Goldman Age: Review of a memoir covering a banker’s tenure at Goldman Sachs during its transformative era.
• What’s Cool in High School? Personal Finance: High schools nationwide are seeing growing enrollment in personal finance courses.

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