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: 2026-04-19 to 2026-04-25

📋 In This Week's Newsletter

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

Federal Government News

CFPB Finalizes Amendments to Regulation B (Equal Credit Opportunity Act)

The Consumer Financial Protection Bureau issued a final rule amending Regulation B, which implements the Equal Credit Opportunity Act (ECOA). The rule states that ECOA does not provide for disparate-impact claims (so-called 'effects test'), redefines the scope of discouragement, and imposes new conditions on special purpose credit programs (SPCPs) for for-profit lenders. The rule prohibits SPCPs from using race, color, national origin, or sex as eligibility criteria, with conditions also placed on the use of other prohibited bases. The Bureau noted these amendments respond to changes in the legal environment and market, and align the regulation with statutory intent. The effective date is 90 days after publication.

Sources: www.federalregister.gov

SEC Approves FICC-CME Rule Change Enabling Customer Cross-Margining for U.S. Treasury Securities

The SEC granted accelerated approval to a rule change by the Fixed Income Clearing Corporation (FICC) that expands the cross-margining arrangement with the Chicago Mercantile Exchange (CME) to include customer accounts. The approved Third Amended & Restated Cross-Margining Agreement allows eligible broker-dealers and futures commission merchants (BD-FCMs) to cross-margin positions cleared for customers, delivering margin reductions for offsetting risks. The agreement clarifies new margin methodologies, eligibility, account structures, and default management protocols, with joint liquidation preferred. Stakeholders generally backed the move due to anticipated improvements in market efficiency and transparency.

Sources: www.federalregister.gov

SEC and CFTC Propose Amendments to Form PF Reporting Requirements

The SEC and CFTC proposed significant amendments to Form PF, the confidential reporting form for registered investment advisers to private funds. The proposal would raise the minimum reporting threshold from $150 million to $1 billion AUM, increase the large hedge fund adviser threshold, eliminate certain event-driven reporting, streamline industry concentration questions, and extend current report filing deadlines. The agencies forecast that these changes will reduce compliance burdens by an estimated 306,655 annual hours and $65.2 million, while preserving most systemic risk data.

Sources: www.federalregister.gov

SEC Issues Notice and Request for Comment on Exemptive Relief from Rule 17ad-22(e)(18)(iv)

The SEC published a notice seeking comment on exemptive relief requested by the Securities Industry and Financial Markets Association from Rule 17ad-22(e)(18)(iv) of the Securities Exchange Act. SIFMA seeks to expand inter-affiliate exemptions for repo transactions, especially those involving non-U.S. affiliates and counterparties, to address operational and liquidity challenges in U.S. Treasury clearing. The comment period is open until May 29, 2026, and the SEC invites industry input on possible competitive and liquidity implications.

Sources: www.federalregister.gov

NCUA Requests Input on Enhancing and Streamlining Credit Union Data Collection

The National Credit Union Administration issued a Request for Information on improving its data collection processes covering the 5300 Call Report, 5310 Corporate Call Report, and Form 4501A Profile. The agency asks federally insured credit unions and stakeholders to comment on operational challenges and propose changes that could reduce burdens while maintaining regulatory mandates. The comment period closes June 23, 2026.

Sources: www.federalregister.gov

Legislative Updates

Main Street Act

Bill 6955, the Main Street Act, addresses finance and the financial sector and has been placed on the Union Calendar, Calendar No. 535.

Sources: www.congress.gov

Protecting Americans’ Retirement Savings From Politics Act

Bill 8286, 'Protecting Americans’ Retirement Savings From Politics Act,' was ordered to be reported by the House Committee on Financial Services by a 27-24 vote.

Sources: www.congress.gov

Repealing Big Brother Overreach Act

House Bill 425, the Repealing Big Brother Overreach Act, passed out of committee with a 26-25 vote and concerns finance-sector regulatory authorities.

Sources: www.congress.gov

Small LENDER Act

House Bill 941, Small LENDER Act, relates to commerce and was ordered to be reported out of committee by a 26-22 vote.

Sources: www.congress.gov

To make improvements to title V of the Gramm-Leach-Bliley Act, and for other purposes.

Bill 8398, aiming to amend title V of the Gramm-Leach-Bliley Act, was introduced and referred to the House Committee on Financial Services.

Sources: www.congress.gov

State Government News

Illinois Executive Order Expands Ethics Protections on Prediction Markets

Illinois Governor JB Pritzker signed Executive Order 2026-04, prohibiting state employees from using or sharing nonpublic information to wager in prediction markets or event contracts.

Sources: gov-pritzker-newsroom.prezly.com

Texas Governor Discusses State-Federal Small Business Cooperation

Governor Greg Abbott met with SBA Administrator Kelly Loeffler in Texas to discuss ongoing support and regulatory ease for small business growth in the state.

Sources: gov.texas.gov

What We're Reading This Week

• Banking industry scrambles for Anthropic's Mythos as global regulators review risks: Global banks coordinate with regulators on Anthropic's new AI platform amid risk reviews.
• Key Moments From Kevin Warsh’s Congressional Testimony: Former Fed governor addresses lawmakers on central bank policy at recent hearing.
• Print Edition | Wall Street Journal: Daily news and financial markets coverage from WSJ’s April 24 print edition.
• Business News - Latest Headlines on CNN Business | CNN Business: Business and finance developments, including markets and economic updates from April 23.
• India's central bank cancels Paytm Payments Bank licence: RBI withdraws banking licence from Paytm subsidiary, impacting payment services in India.
• Exclusive: Nippon Life's India asset manager to settle Yes Bank investment case, document shows: Nippon Life’s Indian arm to resolve regulatory probe over Yes Bank investment.
• Iran and its allies are committing epic financial fraud in America. I watch it happen every day: Fraud schemes connected to Iran and regional partners target U.S. financial institutions.
• Turkey floats new investment law including exporters' tax cut: Turkish government drafts legislation offering tax benefits for exporters as part of investment law reforms.

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