July 12, 2026 to July 18, 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

• Oversight of the Financial Crimes Enforcement Network: The House Financial Services Subcommittee on National Security, Illicit Finance, and International Financial Institutions will hold a hearing on July 21 at 2:00 p.m. in Rayburn 2128, featuring FinCEN Director Andrea Gacki.
• Oversight of the Federal Home Loan Bank System: The House Financial Services Subcommittee on Housing and Insurance is scheduled for a hearing July 21 at 6:00 p.m. in Rayburn 2128 with testimony from representatives of GAO, Council of Federal Home Loan Banks, Cornhusker Bank, and Columbia University.
• Rules Committee Meeting: Appropriations and Budget Measures: The House Rules Committee will convene on July 20 at 6:00 p.m. in Capitol H-313 to discuss appropriations, budget resolutions, the Stop Insider Trading Act, and Main Street Capital Access Act.

Federal Government News

White House Launches Gold Eagle Initiative for Unprecedented Cybersecurity Vulnerability Coordination

The White House introduced the 'GOLD EAGLE' initiative under Executive Order 14409, creating a cybersecurity clearinghouse leveraging AI for rapid vulnerability coordination across critical infrastructure sectors. Treasury Secretary Scott Bessent, DHS Secretary Markwayne Mullin, Secretary of War Pete Hegseth, and National Cyber Director Sean Cairncross detailed the program’s intent to streamline exploit detection, enhance threat information-sharing, and improve national cybersecurity responses. The initiative involves federal agencies and private sector partners and is positioned to support real-time threat analysis and reduce redundant response activities.

Sources: www.whitehouse.gov

SEC Institutes Proceedings on DTC Proposed Rule Change Affecting Operational Arrangements

The Securities and Exchange Commission temporarily suspended the proposed rule change by the Depository Trust Company (DTC), which would revise operational arrangements for securities eligibility and introduce a consolidated agent designation. The SEC cited comment letters from the Securities Transfer Association raising operational, legal, and timing concerns with the new Master Agreement and procedure changes. The proceedings now solicit additional public comment as the SEC reviews the rule’s consistency with clearing standards, inviting input on areas where agent obligations and timing between DTC and transfer agents could affect securities processing.

Sources: www.federalregister.gov

FHFA Proposes Repeal of Federal Home Loan Bank New Business Activities Regulation

The Federal Housing Finance Agency published a notice of proposed rulemaking to repeal regulation 12 CFR part 1272 covering New Business Activities by Federal Home Loan Banks. The proposal responds to Executive Order 14219 and Administration directives to reduce unnecessary regulatory burdens. FHFA’s review determined that the prior notice and approval requirement for new activities has become redundant and is not necessary for risk management, given current supervisory processes. Public comments on the economic effects and implications for safety and soundness are requested by August 12, 2026.

Sources: www.federalregister.gov

FINRA Amends Registration Requirements Exam Retake Periods

FINRA filed a rule change to modify retake waiting periods for qualification exams, reducing the intervals from 30 and 180 days to 15 and 60 days, respectively. The change, effective upon filing, follows industry feedback and reflects updated exam security protocols and large question banks. FINRA stated that the revised schedule eases registration burdens for individuals entering or re-entering the securities industry without compromising exam integrity or investigation capabilities. The proposal does not affect exams administered for the MSRB, NFA, or NASAA, which remain under their own waiting period rules.

Sources: www.federalregister.gov

SEC Seeks Comment on Form N-RN Non-Public Liquidity Event Reporting

The SEC issued a request to renew OMB approval for the collection of Form N-RN, which requires non-public reporting by funds on significant liquidity events and breaches of VaR-based leverage limits. Estimates show 31 annual filings with a compliance cost per report of $2,420. The SEC invites public comment on the utility of the reporting, burden calculations, and approaches to minimize respondent costs, with responses due by September 11, 2026.

Sources: www.federalregister.gov

Legislative Updates

Financial Exploitation Prevention Act of 2025

Bill 2478 was received in the Senate and referred to the Committee on Banking, Housing, and Urban Affairs. The act addresses preventative mechanisms regarding financial exploitation.

Sources: www.congress.gov

Small Business Lending Fraud Prevention Act

Bill 7401, targeting fraud prevention in small business lending, was received in the Senate and referred to the Committee on Small Business and Entrepreneurship.

Sources: www.congress.gov

TRIA Program Reauthorization Act of 2026

Bill 7128 is now before the Senate Banking, Housing, and Urban Affairs Committee following referral. The legislation extends the Terrorism Risk Insurance Program through updated provisions.

Sources: www.congress.gov

STOP Senior Fraud Act

Bill 9668 was referred to the House Committee on Financial Services. It aims to enhance protections against fraud targeting senior citizens.

Sources: www.congress.gov

Protecting American Homes from Hedge Funds Act

Bill 9657 was referred to Ways and Means and Financial Services for consideration. The act proposes restrictions on hedge fund acquisitions of residential properties.

Sources: www.congress.gov

What We're Reading This Week

• New bank scam laws could stop suspicious payments: U.S. banks could soon be required to intercept fraudulent transactions under new scam prevention legislation.
• Organised crime groups move billions through crypto, global financial crime watchdog warns: FATF reports billions laundered through cryptocurrencies by organized crime groups worldwide.
• Wall Street's investment banking machine firing on all cylinders: Major U.S. investment banks report strong deal activity across M&A, equity, and debt markets.
• India's SBI Funds' $1 billion IPO fully subscribed amid bets on market growth: India's SBI Funds attracted full subscription for its $1 billion IPO, reflecting confidence in market expansion.
• The Week in Breakingviews: Causes of correlation: Global market correlations are shifting, with investors seeking strategies to manage portfolio risks.
• You’re About to Retire. What Are You Doing for the Next 20 or 30 Years?: Retirement planning now considers longer life expectancies and sustained financial strategies.
• South Korea to ban new listings of single-stock leveraged ETFs: South Korea is halting new single-stock leveraged ETF launches to mitigate retail risk.

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