June 14, 2026 to June 20, 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

• House Financial Services Hearing: Future of Payments – Promoting Innovation and Fair Markets: The House Financial Services Committee will convene a hearing titled 'Future of Payments: Promoting Innovation and Fair Markets' on June 24, 2026 at 2:00 PM in Rayburn 2128, featuring testimony from industry and regulatory representatives.
• House Financial Services Subcommittee on Capital Markets: From Wall Street to Main Street – The Future of How America Invests: A hearing, 'From Wall Street to Main Street: The Future of How America Invests,' is scheduled for June 25, 2026 at 2:00 PM in Rayburn 2128, focusing on investment trends and regulatory outlooks.

Federal Government News

Federal Reserve Announces Aggregate Financial Sector Liabilities for 2026–2027

The Federal Reserve published aggregate financial sector liabilities, setting the figure at $23,847,731,488,000. This metric will govern merger and acquisition restrictions for financial companies until June 30, 2027 under Regulation XX, which caps the consolidated liabilities of merged entities at 10% of this total. The calculation draws on data spanning U.S. and foreign financial companies, utilizing risk-weighted assets and liabilities assessed by GAAP and other approved standards. The announcement addresses methodologies and prior approved adjustments for insurance firms and foreign entities. The publication serves to inform upcoming transactions subject to Section 622 of the Dodd-Frank Act.

Sources: www.federalregister.gov

PBGC Proposes Technical Amendments to Special Financial Assistance Regulation

The Pension Benefit Guaranty Corporation issued a proposed rulemaking, detailing corrections and clarifications on SFA restrictions, investments, and settlement conditions. The proposal codifies that investment grade bonds exempt under sections 3(a)(2) or 3(a)(4) of the Securities Act of 1933 are permissible for SFA funds, addresses derivative exposure, and clarifies withdrawal liability settlements with a $50 million threshold determination date based on the final day of the plan year before withdrawal. The amendments repeal the existing provision that allowed reallocation of employer contributions for health benefit costs following SFA receipt, targeting alignment with statutory objectives. Public comments are invited through August 17, 2026.

Sources: www.federalregister.gov

SEC Initiates Review of Rule 31a-4 Recordkeeping Requirements

The Securities and Exchange Commission issued a notice seeking comment on the extension of information collection for Rule 31a-4, addressing mandatory documentation for fair value determinations in registered investment companies and BDCs. Approximately 10,047 funds are impacted, with estimated annual compliance burdens calculated at 36 hours per fund and $15,984 in annual costs. Comments on the accuracy of these estimates, including methodologies for enhancing utility or reducing burden, are solicited until August 17, 2026. This review forms part of ongoing compliance assessment under the Paperwork Reduction Act.

Sources: www.federalregister.gov

CFTC Requests Information on Fintech Regulatory Barriers

The Commodity Futures Trading Commission published a request for information, citing Executive Order 14405, inviting market participants to identify regulations impeding fintech firm partnerships with CFTC-regulated entities. Inputs are sought on registration, designation, and authorization processes for fintechs, and potential updates to streamline these processes, particularly for decentralized protocol integration. The RFI is open for comment until July 9, 2026 and may inform future CFTC regulatory amendments to support innovation while maintaining consumer protection and financial stability.

Sources: www.federalregister.gov

CFPB Rescinds Advisory Opinion on Equal Credit Opportunity (Regulation B); Special Purpose Credit Programs

The Consumer Financial Protection Bureau rescinded its December 2020 advisory opinion regarding Regulation B's application to special purpose credit programs offered by for-profit entities. The rescission aligns with April 2026 amendments restricting the use of race, color, national origin, or sex as eligibility criteria for SPCPs and introduces new formal evidence documentation requirements. The advisory opinion was deemed outdated and inconsistent with the amended regulatory framework. This action is not classified as a significant rule under E.O. 12866, nor does it require additional OMB paperwork approval.

Sources: www.federalregister.gov

Legislative Updates

Bank Fraud Technology Advancement Act of 2026

Bill 8671 aims to advance technology protections against bank fraud and has been placed on the Union Calendar, No. 612. The bill addresses technical modernization in finance.

Sources: www.congress.gov

Repealing Big Brother Overreach Act

House Bill 425 seeks to repeal select regulatory elements identified as 'Big Brother Overreach'; it is now placed on Union Calendar No. 609 and pertains to finance sector oversight.

Sources: www.congress.gov

Small LENDER Act

House Bill 941, the Small LENDER Act, focuses on lending practices for small commercial entities and currently appears on the Union Calendar, No. 610.

Sources: www.congress.gov

Earned Wage Access Consumer Protection Act

Bill 9330, titled Earned Wage Access Consumer Protection Act, was referred to the House Committee on Financial Services for review. It would regulate earned wage access products.

Sources: www.congress.gov

A bill to amend the Federal Credit Union Act with respect to conversion modernization for privately insured credit unions

Senate Bill 4808 proposes amendments for the modernization of conversions for privately insured credit unions and was referred to the Committee on Banking, Housing, and Urban Affairs.

Sources: www.congress.gov

What We're Reading This Week

• US banks to make final push on capital rule changes as Fed wraps up consultation: US banks prepare their last responses as Federal Reserve's capital rule consultation draws to a close.
• Italian fintech Conio secures EU licence for crypto services: Conio receives approval to offer crypto services across EU member states, expanding its digital finance reach.
• The era of pure passive investing is over: Industry commentary explores the shift from purely passive to more active investment strategies.
• Bank of England tests resilience of private markets to severe global shock: The Bank of England evaluates private credit market stability in the face of extreme recession scenarios.
• China signs up 26 financial institutions to digital yuan cross-border payment platform: China adds major financial institutions to its cross-border digital yuan payments system.
• Britain’s banks see fraud cases spike after refund rules take effect: UK banks report an uptick in fraud cases following new refund requirement implementation.
• SPACs are back, thanks to Wall Street's mega-IPO frenzy: The resurgence of SPACs is driven by large-scale IPO activity amongst major Wall Street firms.
• Africa’s clean energy projects face financing barrier from credit rating rules: African renewable efforts struggle with credit rating requirements slowing project finance.

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