July 26, 2026 to August 01, 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

• Senate Banking: Empowering Main Street by Unlocking Access to Capital: The Senate Banking, Housing, and Urban Affairs Committee will hold an open hearing titled 'Empowering Main Street by Unlocking Access to Capital' on August 6, 2026, at 2:15 p.m. in Dirksen 538.

Federal Government News

SEC Approves Amendments to FINRA Rules 5110 and 5123

The Securities and Exchange Commission has issued an order approving FINRA’s rule change to amend rules 5110 (Corporate Financing Rule—Underwriting Terms and Arrangements) and 5123 (Private Placements of Securities). The changes update the methodology for valuing underwriting compensation, exclude certain debt-for-equity exchanges and capital investments from underwriting compensation, align the treatment of non-convertible preferred securities with non-convertible debt, and revise procedures for tail fees in engagement letters. In addition, the revision to Rule 5123 expands exemptions for filings when sales are made to new categories of accredited investors, such as certain family offices. FINRA stated these modifications are expected to reduce administrative burdens, increase regulatory efficiency, and reflect current market practices. The amendments become effective upon publication.

Sources: www.federalregister.gov

SEC Seeks Comments on SIFMA Application for Exemptive Relief on Treasury Margin Requirements

The Securities and Exchange Commission announced a notice seeking public comment on an application from the Securities Industry and Financial Markets Association (SIFMA) for exemptive relief from certain conditions of Note H to Exchange Act Rule 15c3-3a regarding broker-dealer reserve computations for cleared U.S. Treasury transactions. SIFMA requests that broker-dealers be permitted to include certain margin debits in their reserve calculations when margin collateral is posted on a net, omnibus basis, rather than the currently required gross, customer-by-customer basis, subject to several detailed conditions. The commission is seeking industry input by August 31, 2026. The notice also invites commentary on potential operational, investor protection, and competitive impacts of the proposed exemption.

Sources: www.federalregister.gov

SEC Approves ICE Clear Credit LLC Treasury Clearing Rule Amendments

The SEC has approved ICE Clear Credit LLC’s proposed changes to its Treasury Clearing Rules, Liquidity Risk Management Framework, and Treasury Operations Policy. Updates include defining custodial and investment loss resources, establishing funding levels for non-default losses, revising the minimum participant contribution to the Treasury Guaranty Fund from $20 million to $10 million, clarifying participant eligibility, procedures for client default, separation of CDS and Treasury clearing businesses, and updates to governance structures. Additional changes address settlement procedures in liquidity events and margin account frameworks for clients. These revisions clarify procedures and align practices with regulatory expectations for central clearinghouses serving the Treasury market.

Sources: www.federalregister.gov

FinCEN Proposes Renewal of Generic Clearance for Qualitative Feedback on Service Delivery

The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has issued a notice inviting public comment on plans to renew without change its generic clearance for collecting qualitative feedback from stakeholders on agency service delivery. Covered under OMB control number 1506-0062, this process authorizes expedited review of feedback surveys targeted to regulated entities and law enforcement partners. The average annual burden is estimated at 1,496 hours for about 5,217 responses. Written comments are due by September 28, 2026.

Sources: www.federalregister.gov

SEC Approves ICE Clear Credit Treasury Clearing Service Margin and Risk Policy Revisions

The SEC has approved proposed amendments by ICE Clear Credit LLC to its documentation governing the U.S. Treasury Clearing Service, including the Initial Margin Approach Model Description, Guaranty Fund and Stress Test Model, and Risk Parameter Setting Policy. The changes clarify the calculation of key risk parameters, correct typographical errors, and add detail to quantitative methods and model assumptions. These updates follow feedback from independent validators and align documentation with current risk management methodology for U.S. Treasury securities.

Sources: www.federalregister.gov

Legislative Updates

Preventing Tax Fraud and Identity Theft Act

S. 5133, the Preventing Tax Fraud and Identity Theft Act, was read twice and referred to the Senate Committee on Finance. The measure aims to address tax fraud and identity theft.

Sources: www.congress.gov

A Bill to Ensure Fairness, Transparency, and Consistency of Disqualifying Provisions at CFTC and SEC

S. 5140 seeks to ensure consistent administration of disqualifying provisions by the CFTC and SEC. On July 27, it was read twice and referred to the Senate Committee on Banking, Housing, and Urban Affairs.

Sources: www.congress.gov

AGOA Extension Act

S. 6500, the AGOA Extension Act (policy area: Foreign Trade and International Finance), saw a cloture motion filed in the Senate (CR S4365) on July 30 as the bill moves through consideration.

Sources: www.congress.gov

SEED Act

S. 5334, the SEED Act, focused on taxation, was laid before the Senate by motion for consideration on July 29 (CR S4323).

Sources: www.congress.gov

A Bill to Amend the Commodity Exchange Act Regarding Customer Education and Whistleblower Protections

S. 5161 proposes changes to the Commodity Exchange Act to adjust funding for customer education programs and strengthen anti-retaliation safeguards for whistleblowers. It was referred to the Senate Committee on Agriculture, Nutrition, and Forestry after its July 29 introduction.

Sources: www.congress.gov

What We're Reading This Week

• Regulators propose overhaul to law governing how banks lend to low-and-middle income communities: U.S. regulators advance proposed updates to the Community Reinvestment Act for banks.
• EXCLUSIVE: Activist Jana pushes Fiserv to review entire portfolio, refresh board: Jana Partners calls on Fiserv to evaluate all businesses and consider board changes.
• The Problem With Warsh’s Deference to Markets: Commentary on central banks’ role in market intervention from The Wall Street Journal.
• Explainer: What are credit default swaps and why are they spooking AI investors?: Reuters provides a primer on credit default swaps and the effect on certain AI-sector stocks.
• India court orders winding up of Paytm Payments Bank after RBI licence cancellation: Indian court orders Paytm Payments Bank to wind up after loss of regulatory license.
• India's Bajaj Finance hits record high on strong loan growth, asset quality: Bajaj Finance reaches new highs due to robust loan growth and sound asset quality.
• Africa’s off-grid solar sector courts mainstream investors with landmark financing deals: Africa's off-grid solar sector attracts mainstream finance with several large transactions.
• Managing Geoeconomic and Geopolitical Risks: Reuters examines strategies for handling geopolitical and economic risks in current markets.
• Wars, cyberattacks could challenge euro zone banks' fx liquidity, ECB says: ECB report notes that geopolitical conflict and cyber risks may affect eurozone banks’ forex liquidity.

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