April 26, 2026 to May 02, 2026

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.

📋 In This Week's Newsletter

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

Federal Government News

President Trump Issues Executive Order Establishing TrumpIRA.gov to Broaden Retirement Access

On April 30, 2026, President Trump signed an executive order to create TrumpIRA.gov, a federal online platform to support retirement savings access for workers not covered by employer-sponsored plans, including self-employed and part-time workers. The program enables account holders to open IRAs via listed private financial institutions offering low-fee, diversified investment choices with no minimum balance. Eligible savers may receive a federal match up to $1,000 per annum as provided in the SECURE 2.0 Act. The Treasury is instructed to operationalize the portal by January 1, 2027, ensure participants receive the federal match, and review tax treatment for philanthropic IRA contributions. Legislative recommendations are to follow to codify the initiative.

Sources: www.whitehouse.gov

Agencies Lower Community Bank Leverage Ratio and Extend Grace Period

The OCC, Federal Reserve, and FDIC finalized rules lowering the Community Bank Leverage Ratio (CBLR) requirement from 9% to 8%, effective July 1, 2026, consistent with section 201 of the Economic Growth, Regulatory Relief, and Consumer Protection Act. The new provisions expand eligibility to a broader range of institutions and extend the grace period for non-qualifying banks from two to four consecutive quarters, with a firm limit of eight quarters in five years. The agencies maintain CBLR eligibility for banks with less than $10B in assets and retain qualifying criteria on off-balance sheet exposures and trading activities.

Sources: www.federalregister.gov

SEC Raises Qualified Client Thresholds for Performance Fees

The SEC issued an order, effective June 29, 2026, raising the assets-under-management and net worth thresholds under Rule 205-3 for qualified clients to $1,400,000 and $2,700,000, respectively, from previous levels of $1,100,000 and $2,200,000. This inflation adjustment, required under Dodd-Frank, applies to new contracts, while existing contracts are subject to transition provisions in the rule.

Sources: www.federalregister.gov

CFPB Finalizes Revisions to Small Business Lending Rule (Regulation B)

On May 1, 2026, the CFPB finalized a major revision to its Rule on Small Business Lending Data Collection under Regulation B (ECOA). The final rule narrows the reporting scope to loans, lines of credit, and credit cards, raising the origination threshold for covered institutions to 1,000 transactions in two consecutive years and removing agricultural, merchant cash advance, and sub-$1,000 loans from coverage. The required annual revenue threshold for 'small business' is reduced from $5 million to $1 million. Several discretionary data points are eliminated. Compliance is required by January 1, 2028.

Sources: www.federalregister.gov

SEC Approves FICC $10 billion Commercial Paper Program for Default Liquidity

The SEC issued a notice of no objection to the Fixed Income Clearing Corporation’s proposal to establish a Commercial Paper Program on April 30, 2026. The program will allow FICC to prefund up to $10 billion in default liquidity through the issuance of short-term commercial paper notes to institutional investors. Proceeds are restricted for member default liquidity needs and will be placed at the Federal Reserve Bank of New York or equivalent institutions. Maturities may run up to 397 days, with average maturities targeted at 3–6 months, with issuance and settlement occurring through DTC. Funds supplement FICC’s existing liquidity resources and aim to reduce reliance on member facilities.

Sources: www.federalregister.gov

Legislative Updates

A bill to prohibit covered financial institutions from collecting, maintaining, and disclosing information relating to the citizenship status and immigration status of consumers, and for other purposes. (S.4450 / H.R.8643)

Senate bill 4450 and House companion H.R.8643 were introduced to prohibit financial institutions from handling information on consumers' citizenship or immigration status. The Senate bill was referred to the Committee on Banking, Housing, and Urban Affairs, and the House bill was referred to the Committee on Financial Services.

Sources: www.congress.gov, www.congress.gov

To clarify eligibility for small business loans, and for other purposes. (S.4411 / H.R.8563)

S.4411 and H.R.8563 seek to clarify eligibility criteria for small business loans. The Senate version was referred to the Committee on Small Business and Entrepreneurship, while the House version was referred to the Committee on Small Business.

Sources: www.congress.gov, www.congress.gov

Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Bureau of Consumer Financial Protection relating to the withdrawal of the rule relating to "Truth in Lending (Regulation Z); Consumer Protections for Home Sales Financed Under Contracts for Deed". (H.R.162)

H.R.162 would overturn the Bureau of Consumer Financial Protection’s rule withdrawal on protections for home sales via contracts for deed. The bill was referred to the House Financial Services Committee.

Sources: www.congress.gov

Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Bureau of Consumer Financial Protection relating to the withdrawal of the rule relating to "Bulletin 2012-04: Lending discrimination (April 18, 2012)". (H.R.161)

H.R.161 would disapprove the regulatory withdrawal of CFPB Bulletin 2012-04 on lending discrimination, and was referred to the House Committee on Financial Services.

Sources: www.congress.gov

Encouraging greater public-private sector collaboration to promote financial literacy for students and young adults. (H.R.1238)

H.R.1238 aims to encourage public-private partnerships for improving financial literacy among students and young adults. The bill was referred to the House Committee on Financial Services.

Sources: www.congress.gov

State Government News

Indiana Enacts Law Banning Cryptocurrency Kiosks

Indiana signed House Enrolled Act 1116 to prohibit operation of cryptocurrency kiosks statewide. Violations are subject to enforcement by the Attorney General as deceptive acts.

Sources: www.indianasenaterepublicans.com

Indiana Law Simplifies State Pension Processes

Senate Enrolled Act 14 allows Indiana state employees to revisit retirement plan selections and increases death benefits for families of fallen first responders.

Sources: www.indianasenaterepublicans.com

What We're Reading This Week

• New U.S. Department of Labor proposed regulations could pave way for more alternative 401(k) investments: The Labor Department is considering rule changes to expand access to alternative assets through 401(k) plans.
• Banks in Asia brace for complex cyber threats from frontier AI: Financial institutions in Asia are preparing for an uptick in advanced cyber risks linked to next-generation AI.
• Opinion | The Credit Bubble Everybody’s Ignoring: The Wall Street Journal examines risks of overlooked credit bubbles in the current market environment.

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