The Federal Reserve designated the chairs and deputy chairs of all 12 Federal Reserve Banks for 2026, FINRA sanctioned Eduardo Leon for borrowing $750,000 from a customer without firm approval, the SEC released its staff report on small business capital raising, and 15 new advisory firms registered across 38 total events.
Fed Designates 2026 Reserve Bank Leadership
The Federal Reserve Board announced the designation of chairs and deputy chairs for all 12 Federal Reserve Banks for 2026 — the annual governance action that establishes the leadership of the regional Fed banks. Reserve Bank chairs preside over their respective boards of directors, which include representatives from the banking industry, business community, and public sector. The designations set the governance framework for the regional institutions that implement monetary policy, supervise member banks, and provide financial services across their districts.
FINRA Sanctions Leon for $750K Unauthorized Borrowing
FINRA fined Eduardo Leon $5,000 and suspended him for two months for borrowing $750,000 from a securities customer in 2017 and 2022 without notifying or obtaining approval from his member firm, Global Financial. The violations of FINRA Rules 3240 and 2010 highlight one of FINRA's most frequently enforced prohibitions — the rule requiring registered representatives to obtain written pre-approval before borrowing from customers.
The prohibition on unauthorized customer borrowing exists to protect investors from the inherent conflicts of interest that arise when their financial advisor becomes their debtor. The $750,000 loan amount makes this one of the larger unauthorized borrowing cases in recent enforcement history.
SEC Releases Small Business Capital Raising Report
The SEC published its staff report on small business capital raising — a periodic review of how smaller companies access capital markets through Regulation A, Regulation D, Regulation Crowdfunding, and other exempt offering frameworks. The report provides data on capital formation trends and serves as a resource for policymakers evaluating whether existing exemptions are achieving their goal of facilitating small business funding. The SEC also announced a hybrid event on Regulation S-P compliance for small firms, focusing on privacy and data protection requirements.
Seven SEC announcements were published in total, including exchange updates for Cboe and NYSE, an exemptive orders update, and an order extending time in the NYPPEX enforcement matter involving Laurence Allen and Michael Schunk.
15 New Firms, Four Closures
Fifteen new advisory firms registered — 10 immediately and five entering the 120-day process — while four firms closed, producing a net gain of 11. The closures included two international deregistrations: RoboCap Asset Management in London and Eisler Capital (MT) in Valletta, Malta. Mariner Wealth Advisors in Overland Park, Kansas — one of the nation's larger RIA aggregators — also deregistered, though this likely reflects a corporate restructuring rather than a business wind-down.
Two Chicago Name Changes Signal Restructurings
Two Chicago-based advisory firms changed their names: OCM Private Wealth became Arena Private Wealth, and Merit Capital Partners IV became Merit Capital Partners Management. The OCM-to-Arena rebrand suggests a complete identity change, while the Merit Capital retitling from a numbered fund entity to a management company reflects a shift from a single-fund structure to a broader management platform.
Across the Wire
JPMorgan Chase withdrew and then re-approved a branch establishment at 1111 Polaris Parkway in Columbus, Ohio — the same location that was withdrawn on January 8. Alerus Financial simultaneously closed and re-established a branch at the same Grand Forks, North Dakota, address, suggesting an in-place renovation or charter-level restructuring. Zions Bancorporation received relocation approval in Salt Lake City. Community National Bank & Trust of Texas closed a branch in Corsicana. One FOCUS report was filed.
All data sourced from FINRA BrokerCheck, SEC EDGAR, Federal Reserve, OCC, and the Finleet Terminal as of January 9, 2026. Entity profiles are available at terminal.finleet.com.