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.

Dates: 2026-01-24 to 2026-01-30

📋 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: FSOC Annual Report: The House Financial Services Committee meets February 4, 2026, at 3:00 p.m. (Rayburn 2128) to review the Financial Stability Oversight Council's Annual Report, with Chair Scott Bessent as witness.
• House Financial Services Subcommittee Hearing: SEC Accountability: On February 4, 2026, at 7:00 p.m. (Rayburn 2128), the House Financial Services Subcommittee on Capital Markets examines SEC governance and process, featuring testimony from legal, association, and securities industry representatives.
• Senate Judiciary Business Meeting on Financial Fraud and Blockchain: On February 5, 2026, at 3:15 p.m. (Hart 216), Senate Judiciary considers S.2544 on financial fraud tracing tools (including blockchain), S.1809 regarding defense information, S.3023 on liability for digital evidence storage, and multiple attorney nominations.
• Senate Banking Committee Hearing: FSOC Report to Congress: The Senate Banking, Housing, and Urban Affairs Committee will hold a hearing on February 5, 2026, at 3:00 p.m. (Dirksen 538), focusing on FSOC’s Annual Report to Congress.

Federal Government News

ICE Clear Credit LLC Revises New Initiatives Approval Policy and Procedural Framework

ICE Clear Credit LLC implemented immediate-effect revisions to its New Initiatives Approval Policy and Procedural Framework following SEC filing dated January 9, 2026. Updates include changes to the membership structure of the New Initiative Approval Committee, adding roles such as Director, Treasury, North America Clearing Houses, and adjusting others for organizational alignment. The risk assessment template and guidelines now include separate categories for treasury and systems operations, clarifying responsibilities and processes for review and testing of new clearing initiatives. Governance language references the Board Risk Committee and details the process for regulatory filings required prior to launch of new initiatives.

Sources: www.federalregister.gov

Carlyle Secured Lending Entities Seek Exemptions for Joint Transactions

The SEC received an application from Carlyle Secured Lending, Inc. and related entities for an order allowing affiliated business development companies and closed-end management investment companies to co-invest in portfolio companies. The application covers co-investment activities between various Carlyle entities and was last amended December 4, 2025. Public comments and hearing requests are solicited until February 17, 2026. The conditions and representations can be reviewed in the applicants’ third amended application filed with the Commission.

Sources: www.federalregister.gov

SEC Grants Exemptive Relief on CAT NMS Plan Port-Level Setting Reporting

The SEC granted exemptive relief under Section 36(a)(1) of the Securities Exchange Act and Rule 608(e) of Regulation NMS regarding consolidated audit trail (CAT) reporting of port-level settings. Industry Members are now exempt from reporting port-level settings when routing orders—regardless of port type—if those settings are not in the sender's books and records. The obligation remains only for the receiving firm to report relevant settings. The decision responds to industry requests highlighting implementation complexity and lack of direct regulatory benefit from duplicative two-sided reporting.

Sources: www.federalregister.gov

Requirements for Insurance: NCUA Proposes Removal of Redundant Disclosure Regulation

NCUA published a proposed rule to eliminate Section 741.10, which mandates disclosure of uninsured nonmember accounts for federally insured, state-chartered credit unions. The Board considers the requirement duplicative of contractual obligations and targets reduced regulatory burden. The proposal maintains contractual disclosure standards and invites public comment by March 30, 2026.

Sources: www.federalregister.gov

Farm Credit Administration Issues Technical Corrections to Lending, Capital, and Disclosure Regulations

The Farm Credit Administration finalized amendments to multiple CFR sections correcting outdated regulatory references, technical errors, and formatting issues. The updates address loan amortization requirements, nondiscrimination in advertising, Equal Housing Lender citations, and capital adequacy standards for system institutions. Changes are effective 30 days after Federal Register publication.

Sources: www.federalregister.gov

Legislative Updates

No Tax Dollars for Terrorists Act Advances in the House

H.R. 260, titled the No Tax Dollars for Terrorists Act, received a favorable order to be reported with amendments by the House Committee on Foreign Relations. The bill addresses restrictions on the use of federal funds in relation to terrorist entities. Latest legislative action occurred in committee review.

Sources: www.congress.gov

What We're Reading This Week

• Payments fraud risks burgeon with AI: AI is contributing to increased payments fraud concerns within financial services.
• Affirm seeks Nevada bank charter: Affirm has applied for a Nevada bank charter, expanding its BNPL operations.
• Afterpay tallies BNPL repayments: Afterpay released metrics on buy-now-pay-later repayment trends.
• What happens if the world pulls its money out of America?: A commentary explores implications for U.S. financial markets if global capital retreats.
• Capital One nabs Brex for $5.15B: Capital One agreed to acquire Brex in a $5.15 billion fintech transaction.
• Opinion | Kevin Warsh on the Fed’s Mistakes and the Consequences: Kevin Warsh reflects on recent Federal Reserve decisions and their impact.
• Opinion | The Answer to Trump’s Good Question About Interest Rates: Analysis discusses President Trump's inquiry on U.S. interest rate policies.

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