Legislative Intelligence Briefing - Saturday, May 23, 2026

Executive Summary

President Trump published two significant executive orders in the Federal Register on May 22 — one directing financial regulators to tighten know-your-customer rules with an immigration enforcement focus, and a second ordering all federal financial regulators to review and streamline fintech/digital-asset regulations within 90–180 days. Congress is in recess through the Memorial Day weekend (House returns June 2; Senate returns May 26), so no floor votes or committee markups occurred in the last 24 hours. The FY2027 appropriations cycle is now in the active subcommittee markup phase, with 55 member FY27 request portals open and full committee markups expected within 9 days.

Executive Order 14406 — "Restoring Integrity to America's Financial System"

Signed: May 19, 2026 | Published in Federal Register: May 22, 2026 | Document No.: 2026-10400 | Citation: 91 FR 30479

This order directs sweeping changes to Bank Secrecy Act (BSA) enforcement with an explicit immigration enforcement overlay:

60-day deadline (by ~July 18): Treasury Secretary must issue a formal Advisory to financial institutions flagging red flags for payroll tax evasion by employers of undocumented workers, use of ITINs in lieu of SSNs, and structuring/micro-structuring patterns.
60-day deadline: CFPB must consider clarifying that potential deportation constitutes an "ability-to-repay" risk factor under 12 CFR Part 1026, allowing lenders to deny credit to undocumented borrowers on that basis.
90-day deadline (by ~Aug. 17): Treasury must propose BSA regulatory changes to strengthen customer due diligence, including authority to collect immigration status information as part of risk-based programs.
180-day deadline: Treasury and federal functional regulators must consider changes to customer identification program (CIP) requirements, including treatment of foreign consular ID cards.

The order cites a "recent analysis" claiming foreign passport holders laundered over $312 billion through U.S.-based accounts for criminal organizations.

→ Walk me through the full compliance timeline and agency obligations under EO 14406

→ Draft a compliance memo on EO 14406 for financial institution clients

Executive Order 14405 — "Integrating Financial Technology Innovation Into Regulatory Frameworks"

Signed: May 19, 2026 | Published: May 22, 2026 | Document No.: 2026-10399 | Citation: 91 FR 30475

This order directs all federal financial regulators (CFPB, SEC, NCUA, CFTC, FDIC, OCC) to review and reduce barriers for fintech firms:

90-day deadline (by ~Aug. 17): Each regulator must review existing rules, guidance, and supervisory practices to identify barriers to fintech-bank partnerships and streamline charter/license application processes.
120-day deadline: The Federal Reserve Board must submit a report to the President evaluating legal authority to extend direct access to Reserve Bank payment accounts and services to uninsured depository institutions and non-bank fintech firms (including digital asset companies).
180-day deadline: Each regulator must take steps to encourage innovation based on the 90-day review.
The FRB is requested to establish transparent application procedures for fintech access to Fed payment systems and process complete applications within 90 days of submission.

This order directly affects bank charter applications, fintech-bank partnership agreements, and digital asset firm access to Federal Reserve payment infrastructure.

→ Expand on what EO 14405 means for fintech firms seeking Fed payment system access

→ Draft a one-pager on EO 14405 for fintech industry stakeholders

Presidential Proclamation — Consolidated Appropriations Act, 2026 Implementation

Signed: May 19, 2026 | Published: May 22, 2026 | Document No.: 2026-10398

President Trump issued a proclamation implementing certain provisions of the Consolidated Appropriations Act, 2026. No further abstract was published in the Federal Register entry. This signals that the FY2026 omnibus is now being formally implemented at the executive level.

→ Pull details on what provisions the May 19 proclamation implements from the Consolidated Appropriations Act 2026

War Powers Resolution — H. Con. Res. 86 (Iran)

Status as of May 20, 2026: Procedurally stalled on the House floor.

Introduced April 20, 2026 by Rep. Gregory Meeks (D-NY-5), H. Con. Res. 86 directs the President to remove U.S. Armed Forces from hostilities against Iran unless Congress explicitly authorizes force. On May 20, after a voice vote in which the Chair announced the noes prevailed, Rep. Meeks demanded a recorded yeas-and-nays vote — and the Chair postponed further proceedings to a time to be announced. The resolution was on the House floor schedule for the week of May 18 under "items that may be considered."

This procedural postponement effectively delays a recorded vote on U.S. military involvement with Iran. The resolution will remain pending when the House returns from Memorial Day recess on June 2.

→ Walk me through the procedural status of H. Con. Res. 86 and what happens next after the postponed yeas-and-nays vote

House Floor Schedule — Week of May 18 (Pre-Recess Activity)

The House passed or considered the following measures before entering Memorial Day recess. Key items from the floor schedule:

Under Rule (major bills):

H.R. 1041 — Veterans 2nd Amendment Protection Act (prohibits VA from transmitting certain mental health records to DOJ for NICS background checks)
H.R. 6047 — Sharri Briley and Eric Edmundson Veterans Benefits Expansion Act of 2026 (directs VA to increase disability compensation and DIC dollar amounts)
H.R. 1329 — Smithsonian American Women's History Museum Act (permits museum siting within the National Mall Reserve)
H.R. 4312 — SCORE Act

Under Suspension (passed by 2/3 voice vote):

H.R. 785 — Representing our Seniors at VA Act of 2025
H.R. 3482 — Veterans Community Care Scheduling Improvement Act
H.R. 3726 — Fisher House Availability Act of 2025
S. 2393 — FY2025 VA Major Medical Facility Authorization Act
H.R. 7432 — Foster Youth Housing Opportunity Act
H.R. 6506 — Taxpayer Due Process Enhancement Act
H.R. 5317 — Community Bank Deposit Access Act of 2025
H.R. 3234 — Keeping Deposits Local Act of 2025
H.R. 4544 — American Access to Banking Act
H.R. 2954 — Veterans' Transition to Trucking Act of 2025
S. 4530 — Capitol Police retirement age increase
S. 1003 — Lulu's Law

→ Pull the vote breakdown and amendment history for H.R. 1041 Veterans 2nd Amendment Protection Act

Regulatory Actions — EPA and HUD

EPA — TSCA Significant New Use Rules (SNURs): Final rule published May 22 (Doc. 2026-10264, 91 FR 30226), effective July 21, 2026. Covers chemical substances subject to premanufacture notices and EPA orders under TSCA. Requires 90-day advance notice before manufacturing or processing for designated new uses.

EPA — TSCA Health and Safety Data Reporting Deadline Extension: Final rule published May 22 (Doc. 2026-10263, 91 FR 30222), effective immediately. Extends the reporting deadline under TSCA Section 8(d) by one year to May 21, 2027.

HUD — Environmental Clearance Officer Review Removal: Interim final rule published May 22 (Doc. 2026-10356, 91 FR 30209), effective June 22, 2026. Removes the requirement that Environmental Assessments for projects over 200 dwelling units or beds be sent to Field or Program Environmental Clearance Officers for review. HUD cites alignment with executive actions on permitting efficiency. Public comment period open through July 21, 2026.

SEC — Enforcement Settlement Policy Rescission: Final rule published May 21 (Doc. 2026-10132, 91 FR 29892), effective immediately. Rescinds the SEC's longstanding informal procedure requiring defendants to neither admit nor deny findings in settlements of enforcement actions. This is a significant shift in SEC enforcement posture.

→ Expand on the SEC enforcement settlement policy rescission and what it means for future enforcement actions

→ Draft a comment letter on the HUD environmental clearance interim final rule

Appropriations — FY2027 Cycle Status

Current Phase: Subcommittee Markups (active). Full committee markups are expected to begin in approximately 9 days.

55 member FY27 request portals are currently open. A sample of active portals (all detected April 22, 2026):

| Member | Portal URL |

|---|---|

| Rep. John Mannion (D-NY) | mannion.house.gov/fy27-appropriations-requests |

| Rep. Sara Jacobs (D-CA) | sarajacobs.house.gov/appropriations-requests |

| Rep. Troy Carter (D-LA) | troycarter.house.gov/services/fy27-appropriations-requests |

| Rep. Mike Collins (R-GA) | collins.house.gov/services/fy27-appropriations-requests |

| Rep. Adriano Espaillat (D-NY) | espaillat.house.gov/appropriations-requests |

| Rep. Pete Sessions (R-TX) | sessions.house.gov/appropriations-requests |

| Rep. Donald Norcross (D-NJ) | norcross.house.gov/fy27-appropriations-requests |

| Rep. Chuy García (D-IL) | chuygarcia.house.gov/appropriations-requests |

| Rep. Tim Burchett (R-TN) | burchett.house.gov/appropriations-requests |

| Rep. Laura Friedman (D-CA) | friedman.house.gov/fy27-appropriations-requests |

Public testimony submission windows are currently active (phase runs through May). No specific subcommittee hearing dates are scheduled in the next 7 days (Congress is in recess through May 25).

Action items:

If your organization has not yet submitted FY27 appropriations requests to relevant member offices, the window is closing. Full committee markups begin in approximately 9 days.
Check whether your target subcommittee's chairman's mark has been released; if so, review immediately for inclusion/exclusion of your provisions.

→ Draft an FY27 appropriations funding request

Congressional Calendar — Recess and Return Dates

Both chambers: Not in session today (Saturday, May 23).
Senate: Returns Tuesday, May 26 (Memorial Day recess ends May 25).
House: Returns Tuesday, June 2 (extended Memorial Day recess).
No committee hearings or markups are scheduled in the next 7 days (recess period).

Saturday, May 23, 2026