July 05, 2026 to July 11, 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: The Federal Reserve's Semi-Annual Monetary Policy Report – July 14, 2026: The Full Committee will hold a hearing on July 14 at 2:00 p.m. ET with Chairman Kevin Warsh of the Federal Reserve Board for the Semi-Annual Monetary Policy Report.
• House Appropriations Subcommittee on FSGG: Oversight Hearing – U.S. Small Business Administration – July 14, 2026: The Subcommittee will convene on July 14 at 6:00 p.m. ET to hear Administrator Kelly Loeffler’s testimony regarding the SBA.
• House Financial Services: Semi-Annual Report of the Bureau of CFPB – July 15, 2026: On July 15 at 2:00 p.m. ET, the Committee hosts Acting Director Russell Vought of the CFPB for its semi-annual report hearing.
• Senate Banking: Hearing on CFPB Semi-Annual Report and Reform – July 16, 2026: The Senate Banking, Housing, and Urban Affairs Committee will examine 'A New Day at the CFPB Through Reform' at 2:00 p.m. ET on July 16 in Dirksen 538.
• House Financial Services Subcommittee on Digital Assets: Building the Future of Finance – July 17, 2026: A hearing titled 'Building the Future of Finance: How the CLARITY Act Unlocks Innovation' will take place July 17 at 2:00 p.m. ET at Federal Hall National Memorial, New York.

Federal Government News

Federal Reserve Board Proposes Rule Modernizing AML/CFT Program Requirements for Supervised Banks

The Federal Reserve Board has issued a notice of proposed rulemaking to revise anti-money laundering and countering the financing of terrorism (AML/CFT) program requirements for Board-supervised banks. The proposed rule would align supervisory standards with those of the Financial Crimes Enforcement Network (FinCEN), emphasizing risk-based approaches and incorporating AML/CFT priorities set by Treasury. Key elements include a risk-based internal control framework, independent testing, designation of a U.S.-based AML/CFT officer, and an ongoing training program. The amendments clarify definitions of program 'establishment' and 'maintenance,' introduce an updated supervision and enforcement framework, and require senior management or board approval of written AML/CFT programs. The proposal allows a 12-month implementation period following finalization. Comments are due by September 8, 2026.

Sources: www.federalregister.gov

President Trump Hosts Launch Ceremony for Trump Accounts at NYSE and NASDAQ

President Donald J. Trump marked the official launch of 'Trump Accounts' with an opening bell ceremony broadcast from the Oval Office. The accounts, created under the Working Families Tax Cuts Act, offer a $1,000 federally and privately seeded, tax-advantaged investment account to every child born between January 1, 2025, and December 31, 2028. The program has processed over six million requests, with the majority from households earning less than $200,000. Treasury Secretary Scott Bessent, NASDAQ CEO Adena Friedman, and NYSE Group President Lynn Martin participated, citing the initiative's goal of increasing equity market access for U.S. children. Funding involves both federal resources and private donors, including Michael and Susan Dell and more than 50 companies.

Sources: www.whitehouse.gov

Consumer Financial Protection Bureau (CFPB) Requests Public Input Regarding Regulatory Barriers to Mortgage Credit

The CFPB has issued a formal request for information on regulations affecting access to mortgage credit. The agency is soliciting comment on potential changes to integrated mortgage disclosure (TRID) requirements, the timing and structure of the right of rescission, and the treatment of reverse mortgages. Citing Executive Order 14393 issued March 13, 2026, directing agencies to address regulatory burden and promote mortgage availability, CFPB is asking industry stakeholders about timing requirements, cost impacts, and possible adjustments for small banks or credit unions. The consultation seeks input on tolerances, model forms, the feasibility of materiality-based disclosure standards, and the creation of tailored reverse mortgage disclosures. Comments are due by August 10, 2026.

Sources: www.federalregister.gov

FINRA Alters Rule 3210 to Exempt Trump Accounts from Broker Supervision Requirements

FINRA notified the Securities and Exchange Commission (SEC) of an immediate rule change exempting 'Trump Accounts'—as defined by Section 530A of the Internal Revenue Code—from requirements under FINRA Rule 3210. This exemption removes the need for associated persons to obtain written employer consent when opening these accounts and relieves broker-dealers of duplicate record transmission obligations. FINRA described Trump Accounts as standardized, passive investment vehicles similar to 529 plans, subject to statutory limitations on investment selection. The change precedes the July 4, 2026, implementation of the account program.

Sources: www.federalregister.gov

SEC Contemplates Approval of Multi-Class Structures for Mutual Funds and ETFs

The Securities and Exchange Commission published notice of an application by Datum One Series Trust and Polar Capital LLP seeking approval to offer both exchange-traded (ETF) shares and non-exchange-traded mutual fund shares within a single registered investment company. Applicants are requesting exemptive relief from sections of the Investment Company Act and associated rules. The order, if granted, would permit the simultaneous operation of ETF and mutual fund classes, subject to ETF operational requirements under Rule 6c-11. Written comments on the application are due by July 31, 2026.

Sources: www.federalregister.gov

Legislative Updates

Bill 9639 – Fair Credit Reporting Improvements; Identity Theft Victims' Rights

Bill 9639 seeks to amend the Fair Credit Reporting Act to restore credit for victims of predatory activities and unfair reporting practices, increase access to protective tools for vulnerable consumers, and address harm from identity fraud. The bill was referred to the House Committee on Financial Services.

Sources: www.congress.gov

Freedom to Build Act Introduced in House

Bill 9625, known as the Freedom to Build Act, has been introduced and referred to the House Committee on Financial Services. The bill's text and further action are awaited as of this reporting period.

Sources: www.congress.gov

What We're Reading This Week

• Financial Services Roundup: Market Talk: Market activity and company updates in the global financial sector for the week of July 6.
• ECB tells banks to bolster AI cyber defences as peers take lighter approach: The European Central Bank directs lenders to prepare plans for AI-driven cyberattack scenarios, diverging from lighter regulatory measures elsewhere.
• India's largest asset manager draws top sovereign funds in $1.2 billion IPO, sources say: Sovereign investors participate in India's largest asset manager's IPO, raising $1.2 billion according to sources.
• Wall Street banks rule on staff betting on prediction markets, sources say: Several large U.S. banks have set new internal policies on staff participation in financial and political prediction markets.
• EU regulators hit US wall in quest for private credit data: European regulators face difficulties accessing private credit market data held in the United States.
• Chips, banks and volatility: Volatility in chipmakers and banking shares is shaping global markets, as institutions adjust strategies in response.

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