August 23, 2026 to August 29, 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
• 📚 What We're Reading This Week

This Week's Congressional Calendar

• House Financial Services Committee Hearing: Strengthening the American Economy: The House Financial Services Committee will hold a hearing on 'Strengthening the American Economy: Promoting Growth, Opportunity, and Prosperity' on September 2, 2026, with witnesses from Circle, Florida Bankers Association, the New York Stock Exchange, the Mises Institute, and the New School/AFL-CIO.

Federal Government News

Operation Economic Outcast: U.S. Initiates Economic Isolation Campaign on Iran

The Trump Administration has launched Operation Economic Outcast as a comprehensive effort to sever all financial links supporting Iran. Treasury Secretary Scott Bessent detailed new actions targeting critical sectors such as digital assets, technology, gold, aviation, and shipping, together with an expansion of secondary sanctions intended to deter international engagement with Iranian entities. Among the measures, entities facilitating money laundering for Iran will be eliminated from access to the U.S. Dollar system, and governments supporting Iran’s activities may also face global financial isolation. The campaign employs a 'zero-leakage approach' to block revenue sources alleged to sustain the regime and the IRGC, in line with the Administration’s goal of constraining Iran’s capacity to finance nuclear and terrorist operations. The policy represents an escalation of both the scale and breadth of U.S. sanctions, seeking to force international compliance with U.S. restrictions on Iranian commerce and finance.

Sources: www.whitehouse.gov

SEC Proposes Extension of Recordkeeping Requirements for Fair Value Determination (Rule 31a-4)

The Securities and Exchange Commission is seeking comment on the extension of Rule 31a-4 recordkeeping obligations for registered investment companies and business development companies. The rule mandates maintenance of records substantiating fair value determinations made under Rule 2a-5, as well as documents related to the designation of valuation designees. SEC estimates indicate around 10,047 funds are subject to these requirements, with a combined annual time burden exceeding 360,000 hours and an annual cost of approximately $160.6 million for the industry. The public comment window remains open until September 24, 2026, allowing stakeholders to provide feedback on the collection process.

Sources: www.federalregister.gov

SEC Requests Comments on Rule 2a-5 Information Collection Requirements

The SEC has submitted for OMB review an extension of Rule 2a-5 under the Investment Company Act of 1940, which addresses the requirements for determining the fair value of investments by mutual funds and business development companies. Rule 2a-5 outlines the processes for risk assessment, methodology testing, and oversight of pricing services, as well as reporting protocols for boards and valuation designees. The SEC estimates that compliance will affect over 10,000 entities, with each respondent expending around 34 hours annually, translating to over $33,000 in direct costs and additional external cost burdens. Comments are due by September 28, 2026.

Sources: www.federalregister.gov

Farm Credit Administration Finalizes Removal of Troubled Debt Restructuring Category

The Farm Credit Administration has confirmed the effective date for its rule eliminating 'Formally restructured loans (TDR)' from the list of high-risk loan performance categories, aligning regulatory requirements with updated GAAP standards. The rule reflects the 2022 changes in accounting guidance that retired the specific TDR concept and enhanced disclosure for modifications related to borrowers facing financial difficulty. FCA indicated that existing regulations already enforce GAAP-compliant reporting, and thus no further amendments are necessary for enhanced loan modification disclosure requirements.

Sources: www.federalregister.gov

ICE Clear Credit LLC: SEC Approves Revisions to CDS Instrument On-Boarding Policy

The Securities and Exchange Commission issued an order approving ICE Clear Credit LLC's proposed amendments to its CDS Instrument On-boarding Policies and Procedures. The revisions introduce a third criterion for the selection of instruments eligible for clearing, allowing single name CDS instruments with underlying reference entities that have at least $500 million of outstanding debt, regardless of current index inclusion, to be considered. The policy update clarifies punctuation and organizational structure in the onboarding principle, supporting clear governance and risk review processes for the addition of new clearing instruments.

Sources: www.federalregister.gov

What We're Reading This Week

• Vanguard strikes deal for fintech platform Altruist: Vanguard moves to acquire a stake in Altruist, a fintech platform for registered investment advisers.
• Take Five: Summer's over, buckle up!: A preview of five global market themes investors will be watching as the fall season commences.
• COMMENTARY: Move over, Warsh. Treasury's Bessent also has a credibility problem: Analysis questions Treasury Secretary Bessent’s market communications and their impact.
• Opinion | Let the Bond Market Speak: An op-ed on the implications of allowing the bond market to operate without policy intervention.
• Private Credit’s Chills Draw Bargain Hunters Offering Cash to Trapped Investors: New investors are targeting distressed holders in the private credit market.
• Telecoms operator MTN eyes banking licences as it pushes deeper into lending: MTN plans to broaden financial services products by seeking new banking licenses.
• India's Axis Bank bets on data centres to gold loans to outpace industry credit growth: Axis Bank aims to surpass sector growth via expansion in data centers and gold-backed lending.
• Breakingviews - COMMENTARY: JPMorgan India options ban augurs faster crackdown: JPMorgan’s options ban is seen as a possible sign of increased regulatory action.
• Explained: Jamie Carragher’s bankruptcy petition and why it relates to the boom of British film in the 1990s: A look at a sports figure’s bankruptcy linking tax strategies and 1990s UK film finance.

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