May 31, 2026 to June 06, 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

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

This Week's Congressional Calendar

• Hearing: Converging Criminal Enterprises—Chinese Money Laundering and Cartel Financing in the U.S. Financial System: On June 9, the House Financial Services Subcommittee on Oversight and Investigations will hold a hearing examining Chinese money laundering networks and cartel financing in the U.S. financial system. Witnesses include Liana Rosen (CRS), Leland Lazarus (Lazarus Consulting), John Cassara (U.S. Treasury, Ret.), and Louis DeTitto (MissionLytics).
• House Rules Committee Reviews Fraud and Payment Reform Bills: On June 8, the House Rules Committee will meet to consider H.R. 8464 (Stopping Fraudulent Payments Act), H.R. 8312 (Fraud Prevention and Accountability Act), H. Res. 1335 (condemning government fraud), and S. 2 (Secure America Act) in room H-313 of the Capitol.
• House Ways and Means Committee Hearing on Digital Asset Taxation: The House Ways and Means Committee will conduct a full committee hearing on digital asset taxation on June 9, at 2:00 p.m. in room 1100 of the Longworth House Office Building.
• Hearing: Examining the Structure of the Federal Reserve System: The House Financial Services Committee will convene a hearing titled 'Task Force on Monetary Policy, Treasury Market Resilience, and Economic Prosperity: Examining the Structure of the Federal Reserve System' on June 12, 2026, in Oklahoma City.

Federal Government News

Agencies Request Comment on Regulatory Capital Reporting (FFIEC 101) Extension for Advanced Approaches Institutions

The Office of the Comptroller of the Currency, Federal Reserve, and FDIC jointly issued a notice requesting public comment on the proposed extension of the Regulatory Capital Reporting requirements (FFIEC 101) for institutions subject to the Advanced Capital Adequacy Framework. The collection is to be extended for three years without revision, pending future changes to regulatory capital requirements. Covered banking organizations include top-tier advanced approaches institutions and certain Category III banking organizations. Estimated burden figures are detailed for each agency, with the OCC estimating 10 respondents and a total annual burden of 26,960 hours. Comments are due August 4, 2026. No immediate changes to reporting forms are proposed as part of this extension.

Sources: www.federalregister.gov

SEC Solicits Comment on Extension of Rule 31a-1 Recordkeeping Requirements

The SEC is seeking public comment on proposed extension of Rule 31a-1 under the Investment Company Act, which mandates recordkeeping for registered investment companies, BDCs, and certain subsidiaries. The rule supports Commission oversight by requiring maintenance of underlying documents supporting financial statements. Approximately 14,301 entities are covered, with estimated actual annual burden of 2,502,675 hours attributable to the rule and costs of approximately $877 million industry-wide. Records must be retained according to Rule 31a-2. Responses to comments are due within 60 days of the notice, with another opportunity to comment after the 30-day submission notice.

Sources: www.federalregister.gov

SEC Proposes Extension of Information Collection Under Rule 0-2: Exemptive Applications Under Investment Company Act

The SEC issued a 60-day notice seeking comment on information collection procedures under Rule 0-2 of the Investment Company Act, which sets requirements for filing exemptive applications. Rule 0-2 prescribes general requirements for the content and authorization of such applications, including authorizations, amendments, and powers of attorney. Annual burden is estimated at 2,780 hours industry-wide, with $10.34 million in external costs. Electronic filing is mandatory. The comment period extends to August 3, 2026, after which a 30-day submission notice will be published.

Sources: www.federalregister.gov

FDIC Finalizes Correction to Brokered Deposits and Interest Rate Restrictions Rule

The Federal Deposit Insurance Corporation published correcting amendments to its regulations regarding brokered deposits and interest rate restrictions. This action addresses inadvertent errors in the final rule published in January 2021, including restoration of deleted text, correction of cross-references, and minor changes for clarity and consistency. The amendments impact 12 CFR Parts 303 and 337, effective June 3, 2026. No new substantive requirements are imposed.

Sources: www.federalregister.gov

USTR Proposes Tariffs Against Brazilian Goods Under Section 301 for Digital Trade, Tariffs, IP, and Deforestation

The Office of the U.S. Trade Representative released a notice proposing tariffs of 25% on all goods from Brazil, with exceptions for certain product categories. The determination follows findings that Brazilian acts and policies on digital trade and electronic payment services, preferential tariffs, anti-corruption enforcement, intellectual property, and illegal deforestation are unreasonable or discriminatory and burden U.S. commerce. The notice opens a public comment period until July 1, 2026, with a related hearing scheduled for July 6. Exemptions for specific goods are listed in an annex to the Federal Register notice.

Sources: www.federalregister.gov

Legislative Updates

Digital Asset Market Clarity Act Advances in Senate

The Digital Asset Market Clarity Act (H.R. 3633), focused on the regulation and definition of digital asset markets, was placed on the Senate Legislative Calendar under General Orders, Calendar No. 423.

Sources: www.congress.gov

Stopping Fraudulent Payments Act Progresses to Union Calendar

The Stopping Fraudulent Payments Act (H.R. 8464), addressing measures to prevent fraudulent government payments, has been placed on the House Union Calendar, Calendar No. 597.

Sources: www.congress.gov

CFTC Protection of Information and Data Act of 2026 Introduced

The CFTC Protection of Information and Data Act of 2026 (H.R. 9128) was referred to the House Committee on Agriculture. The bill concerns confidentiality provisions governing information and data held by the Commodity Futures Trading Commission.

Sources: www.congress.gov

Thwarting Regional Adversary Investments Now Act Referred to Committee

The Thwarting Regional Adversary Investments Now Act (H.R. 9092), relating to restrictions on certain foreign investments, was referred to the House Committee on Foreign Affairs.

Sources: www.congress.gov

Senate Considers Amendments to Securities Act and CFPB Funding

Two Senate bills were read twice and referred: (S. 4690) would expand the use of 'testing the waters' and confidential draft registration under the Securities Act of 1933; (S. 4684) proposes to set a compulsory funding floor for the Bureau of Consumer Financial Protection.

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

What We're Reading This Week

• Big banks’ gloves come off in their fight with crypto: U.S. banks are escalating efforts to shape regulation in the digital asset sector.
• ‘A new world’: The banks’ final push on crypto: Major banks make coordinated legislative pushes amid ongoing Congressional debates on crypto regulation.
• Private credit boom cools as lending, flows slow sharply: Lending and inflows in the private credit market are slowing after a lengthy period of growth.
• Private credit roundup: Private equity catches the cold: Private equity fundraising shows contagious cooling as private credit flows recede.
• India scraps capital gains tax on foreign investors in government debt to support rupee: India eliminates capital gains tax on foreign government debt holders to encourage rupee support.
• Indonesia passes bill expanding central bank role to spur growth: Indonesia’s parliament approves a bill broadening central bank powers for economic growth initiatives.
• Forget the Inheritance. These Readers Are Passing Down Their Money Now.: Some U.S. savers are choosing to distribute wealth to younger generations while still alive.
• South Korea finance minister vows response to financial market volatility: South Korea's finance ministry pledges measures to mitigate domestic financial volatility.
• A 5-Point Checklist for Managing Your Aging Parents’ Money: Guidance for families managing elder financial care, estate decisions, and tax considerations.

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