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: 2026-04-12 to 2026-04-18

📋 In This Week's Newsletter

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

This Week's Congressional Calendar

• House Financial Services Marks Up Various Measures – April 21, 2026: The House Financial Services Committee will meet for a markup session on various measures on April 21, 2026, at 2:00 PM in 2128 Rayburn House Office Building.
• Appropriations Markup on Financial Services & VA Bills – April 21, 2026: The House Appropriations Committee is scheduled to mark up the FY2027 Military Construction, Veterans Affairs, and the Financial Services and General Government bills on April 21, 2026, at 3:00 PM in 2359 Rayburn House Office Building.
• House Veterans’ Affairs Subcommittee Hearing on VA Benefits and VA Life Insurance – April 21, 2026: The Subcommittee on Disability Assistance and Memorial Affairs will examine VA pension, fiduciary, and life insurance options on April 21, 2026, at 5:15 PM in 360 Cannon House Office Building.
• Subcommittee Hearing: Diversifying Risk Through Reinsurance and Credit Risk Transfers – April 22, 2026: The Financial Services Subcommittee on Housing and Insurance will hold a hearing on reinsurance and credit risk transfers on April 22, 2026, at 2:00 PM in 2128 Rayburn House Office Building.
• Subcommittee Hearing: Evaluating the Effectiveness of U.S. Sanctions Programs – April 22, 2026: The Subcommittee on National Security, Illicit Finance, and International Financial Institutions will evaluate U.S. sanctions programming on April 22, 2026, at 6:00 PM in 2128 Rayburn House Office Building.

Federal Government News

SEC Approves FINRA Rule Replacing Pattern Day Trader Margin With Intraday Margin Standards

The Securities and Exchange Commission approved, on an accelerated basis, FINRA’s rule change to eliminate the existing day trading margin requirements and $25,000 minimum equity rule for pattern day traders. The new FINRA Rule 4210 introduces intraday margin standards, requiring broker-dealers to monitor margin levels in real time or end-of-day, and collect the largest intraday margin deficit for margin accounts, including retail. Key provisions include flexibility for broker-dealers on monitoring methods, the removal of pattern day trader designations, and phase-in implementation of up to 18 months after a 45-day effective date from regulatory notice publication. The rule also addresses margin for intraday risks including same-day options expiration, amends portfolio margin guidelines, and eliminates outdated references. The Commission states that the new requirements preserve investor protection safeguards while simplifying compliance for participants.

Sources: www.federalregister.gov

SEC Issues Notice of Intent to Cancel Certain Internet Investment Adviser Registrations

The SEC has issued a notice of intention to cancel the registrations of 20 investment advisers registered under the internet adviser exemption, following amendments with a compliance date of March 31, 2025. Affected registrants appear ineligible for the exemption and may no longer meet criteria for registration. Interested parties can request a hearing by May 11, 2026, by submitting written statements to the Commission. Appendix lists the full legal names and SEC numbers of targeted entities. Notices and further actions will be communicated per SEC rules, with appeals available under the Commission’s Rules of Practice.

Sources: www.federalregister.gov

Treasury Amends CIBanco S.A. Special Measure Order for Liquidation Process

FinCEN has amended its prior 2025 order imposing special measures against CIBanco S.A., Institución de Banca Multiple, a Mexico-based financial institution linked to opioid trafficking-related money laundering activities. The amendment, effective April 16, 2026, permits certain fund transfers by CIBanco necessary for the Government of Mexico to execute the bank’s liquidation, provided such transactions are validated by the government-appointed liquidator and comply with all other legal requirements. The original restrictions otherwise remain in effect to protect the U.S. financial system from illicit activity, in accordance with the FEND Off Fentanyl Act of 2024.

Sources: www.federalregister.gov

White House Releases 2026 Economic Report of the President

The Council of Economic Advisers released the 2026 Economic Report of the President, presenting economic analysis on 14 key topics, including regulatory reform, trade policy, supply chain resilience, housing, energy, AI leadership, retirement plan private equity access, and macroeconomic forecasting. Several chapters discuss the impact of recent legislative priorities and regulatory actions, as well as sector-specific forecasts related to the administration’s economic agenda. The report supports executive decision-making and is published alongside the Administration's annual policy statements.

Sources: www.whitehouse.gov

NCUA Seeks Comments on Information Collections Affecting Credit Unions

The National Credit Union Administration is seeking public comment on extension and renewal of several information collection requirements. The collections address credit union mergers, consumer privacy policies and opt-outs, mortgage loan originator registration, reverse mortgage product guidance, and individual access and consent for disclosure of records. Estimated annual burdens range widely, with 485,282 hours for privacy disclosures and 80,058 hours for mortgage originator registration. Comments are requested by May 18, 2026, on the necessity, accuracy, and methods for burden reduction.

Sources: www.federalregister.gov

Legislative Updates

To Prevent the Premature Seizure of Securities or Digital Assets Under State Escheatment Laws

Bill 8338 would restrict the premature seizure of individuals’ securities, investment accounts, or digital assets by state governments under escheatment statutes. The bill was referred to the House Committee on Financial Services.

Sources: www.congress.gov

Combatting Money Laundering in Cyber Crime Act of 2025

Bill 5877 seeks to address money laundering in cyber crime by enhancing statutory tools and enforcement capacity. The measure was placed on the Union Calendar (Calendar No. 530).

Sources: www.congress.gov

Strategic Assets Protection Act

Bill 8258 focuses on measures for the protection of strategic financial and economic assets. It was referred to the Committee on Financial Services and, additionally, to the Committees on Foreign Affairs and Energy and Commerce.

Sources: www.congress.gov

A Bill to Amend the Securities Exchange Act to Define 'Dealer'

Bill 8328 proposes an amendment to the Securities Exchange Act of 1934 to provide a statutory definition of 'dealer.' The bill is under consideration in the House Committee on Financial Services.

Sources: www.congress.gov

A Bill to Amend Tax Treatment of Derivatives and Underlying Investments

Bill 4331 would modernize Internal Revenue Code provisions concerning derivatives and their underlying investments. The measure was read twice and referred to the Senate Committee on Finance.

Sources: www.congress.gov

State Government News

New York Governor Announces Measures to Reduce Auto Insurance Costs and Combat Fraud

Governor Kathy Hochul introduced proposals to address high auto insurance rates and target fraudulent claims in New York, aiming to reduce premium costs driven by litigation and staged crashes.

Sources: www.governor.ny.gov

California Announces Appointments Impacting State Housing and Financial Agencies

Governor Gavin Newsom named Russell Fong as Undersecretary of the Government Operations Agency and Meagan Tokunaga Block as Director of Program Development and Strategic Initiatives at the California Housing Finance Agency, among other appointments affecting state finance and policy roles.

Sources: www.gov.ca.gov

What We're Reading This Week

• Wall Street banks trade derivatives to bet on private credit stress, FT reports: Some U.S. banks are reportedly using derivatives to express views on credit risk in the private lending market.
• Iran War Casts Gloom Over Outlook of World Finance Ministers and Investors: Investors and finance ministers expressed concerns about macroeconomic risks amid ongoing conflict in Iran.
• Wall Street monitors private credit risk as AI disruption, outflows cause concern: U.S. banks observe heightened risk in the private credit sector as AI adoption and fund outflows increase.
• Japan sees private credit as a policy pillar despite overseas market turmoil: Japanese regulators reinforce support for the private credit market even as volatility rises abroad.
• Senate housing bill that takes aim at institutional investors may do little for homebuyers — and could even hurt renters: A Senate proposal targeting institutional housing investors is raising questions about its impact on homebuyers and renters.
• Bank of Ireland to seek shareholder backing for LSE delisting: Bank of Ireland shareholders are set to vote on a proposal to delist from the London Stock Exchange.
• India File: Retail investors dig in as foreign money flees: Domestic retail participation remains strong in Indian securities markets despite foreign capital outflows.
• India approves $1.4 billion maritime insurance pool, hikes inflation-linked allowances: India endorsed a $1.4 billion insurance pool and raised inflation-linked allowances for workers.
• Pakistan cenbank opens formal banking to licensed virtual asset service providers: Pakistan’s central bank granted access to formal banking for regulated virtual asset service providers.

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