June 21, 2026 to June 27, 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 Committee: Markup on Various Measures: The House Financial Services Committee is scheduled to mark up multiple financial services measures on June 30 at 2:00 PM in Rayburn 2128.
• House Appropriations Subcommittee Hearing: Oversight of the Office of Management and Budget: The House Appropriations Subcommittee on Financial Services and General Government will hold an oversight hearing with OMB Director Russell Vought on June 30 at 2:00 PM, Rayburn 2359.

Federal Government News

Financial Data Transparency Act: Joint Data Standards Final Rule Issued

A coalition of U.S. financial regulators, including the Treasury, OCC, Federal Reserve, FDIC, NCUA, CFPB, FHFA, CFTC, and SEC, finalized a joint rule establishing data standards under the Financial Data Transparency Act (FDTA) of 2022. Published in the Federal Register on June 25, the rule sets unified standards for legal entity identifiers, swaps identification (UPI), classification of financial instruments, use of ISO date and currency codes, and other key identifiers. Agencies must use high-quality, machine-readable, nonproprietary, and interoperable schema and taxonomy formats. Implementation will occur via subsequent rulemakings at each agency beginning October 2026. The rule does not require new reporting at this stage and excludes certain identifiers pending further evaluation.

Sources: www.federalregister.gov

FinCEN and Federal Regulators Propose Customer Identification Rules for Permitted Payment Stablecoin Issuers

FinCEN, alongside the OCC, Federal Reserve, FDIC, and NCUA, published a joint proposed rule (June 22) implementing the GENIUS Act's mandate for stablecoin issuers. The rule classifies permitted payment stablecoin issuers as financial institutions under the Bank Secrecy Act, requiring them to maintain effective customer identification programs and comply with anti-money laundering (AML) measures. The proposal sets minimum identity verification protocols modeled on existing bank and broker-dealer rules, applies to both federally and certain state-regulated issuers, and exempts secondary-market-only activity. The public comment period runs until August 21, 2026.

Sources: www.federalregister.gov

OCC Proposes Stablecoin AML, Sanctions Compliance Risk Management Rule

On June 24, the Office of the Comptroller of the Currency proposed amendments to implement AML and sanctions compliance standards for payment stablecoin issuers under its jurisdiction. This rule cross-references the Treasury and FinCEN's separate AML and sanctions compliance rules, and would codify OCC supervision and enforcement policies, clarify information-sharing rules with FinCEN, and require OCC-regulated stablecoin issuers to comply with chapter X and V of Title 31. Enforcement action protocols and a consultation framework with FinCEN would be established. The comment period closes July 24.

Sources: www.federalregister.gov

FHFA Proposes Revision of Duty to Serve Underserved Markets Regulation

The Federal Housing Finance Agency released a proposed rule to overhaul its Duty to Serve (DTS) Underserved Markets regulation for Fannie Mae and Freddie Mac. The objective is to enable greater innovation and reduce administrative cost in the manufactured housing, affordable housing preservation, and rural housing markets. Key changes include rescinding the list of required regulatory activities, streamlining plan requirements, revising income eligibility calculations, and updating manufactured housing affordability rules. FHFA seeks comments by July 24, with the aim of having revised DTS plans in place by January 2028.

Sources: www.federalregister.gov

White House Executive Order: Federal Transition to Post-Quantum Cryptography

President Trump signed Executive Order 14409 on June 22, directing federal agencies to transition information systems to post-quantum cryptography (PQC) standards, as coordinated by NIST. The order sets new deadlines for federal system migrations, pilot projects, and procurement actions, appoints agency migration leads, and requires international collaboration to promote PQC adoption. Federal Acquisition rules for contractors will be updated to enforce cybersecurity standards related to PQC. These actions build on earlier national quantum and cybersecurity initiatives.

Sources: www.whitehouse.gov, www.whitehouse.gov

Legislative Updates

Unleashing AI Innovation in Financial Services Act (H.R. 4801)

The Unleashing AI Innovation in Financial Services Act was placed on the Union Calendar (No. 619) on June 24. The bill’s latest step signals it is cleared for further House floor consideration.

Sources: www.congress.gov

Fostering the Use of Technology to Uphold Regulatory Effectiveness in Supervision Act (H.R. 8278)

On June 24, the Fostering the Use of Technology to Uphold Regulatory Effectiveness in Supervision Act was placed on the Union Calendar (No. 617), advancing industry efforts to clarify supervisory technology standards.

Sources: www.congress.gov

Protecting Americans’ Retirement Savings From Politics Act (H.R. 8286)

This bill, focused on the finance sector, was placed on the Union Calendar (No. 618) on June 24, addressing the use of political factors in management of retirement savings.

Sources: www.congress.gov

AI PLAN Act (H.R. 2152)

The AI PLAN Act was placed on the Union Calendar (No. 615) as of June 24 and awaits further action in the House. The bill addresses AI in financial regulatory planning.

Sources: www.congress.gov

GUARD Act (H.R. 2978)

The GUARD Act was reported as amended by the House Financial Services Committee (H. Rept. 119-709, Part I) on June 24, dealing with crime and law enforcement involving financial institutions.

Sources: www.congress.gov

What We're Reading This Week

• ‘Hugely Troubling’: A Former Wall Street Regulator Is Getting Nervous: Former FDIC chair Sheila Bair expresses concern about potential systemic risks and market imbalances in a Politico interview.
• How to Build a Retirement That Actually Fits Your Life: The Wall Street Journal explores strategies for aligning personal retirement planning with changing life goals.
• Digital euro clears key hurdle as EU seeks to break free from U.S. credit cards: The European Central Bank secured parliamentary backing for a digital euro, with implications for payment competition with U.S. firms.
• Bank of Canada Gov. Macklem Warns of Excess Imbalances Amid Shifting Financial System: Macklem cites risks emerging from financial system changes in comments reported by The Wall Street Journal.
• Alan Greenspan Left a Lasting Mark on America—and Me: The Wall Street Journal reflects on Alan Greenspan’s legacy in central banking and economic policy.
• The High-Stakes Effort to Repair the American Retirement System: The Wall Street Journal reviews challenges and recent reforms in the U.S. retirement system.

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