Fintech · Industry brief

FINRA commissioned an external review of its enforcement program, with a report published June 30, 2026 by Professor Paul R. Eckert (William & Mary Law School) and former SEC Commissioner Troy A. Paredes. The "Recommendations Based on a Review of the Policies, Procedures, Processes, and Practices of FINRA's Enforcement Program" was developed as part of FINRA Forward, the organization's initiative to strengthen investor protection and market integrity. The report provides recommendations on FINRA's enforcement policies and procedures (source: FINRA, Eversheds Sutherland).

Federal Reserve Board requests comment on a proposal to amend anti-money laundering program requirements for banks (Press Release, 7/7/2026). Federal Reserve Board issued enforcement action with Small Business Bank and announced termination of enforcement actions with BNP Paribas S.A., BNP Paribas USA, Inc., BNP Paribas Securities Corp., and Community Bankshares, Inc. (Press Release, 7/2/2026). Federal Reserve Board issued enforcement action with an employee of Bank of Eufaula and S N B Bancshares, Inc., and announced termination of enforcement action with Jiko Group, Inc. (Press Releases, 6/25/2026).

The House Financial Services Committee approved legislation on July 1, 2026, establishing the first comprehensive federal regulatory framework for earned wage access (EWA) providers, passing 31-23 along party lines. The bill clarifies the legal treatment of EWA products under federal law, establishes uniform federal standards, and preempts inconsistent state lending laws—addressing a fragmented regulatory landscape where states including California, Connecticut, New York, Missouri, Wisconsin, and others have adopted markedly different approaches to whether EWA constitutes credit. The committee's action reflects an ongoing tension between providing national compliance certainty for fintech operators and preserving state authority over consumer protection standards; the bill now moves to the full House, though passage in the Senate would require 60 votes and faces Democratic opposition.