Travis Hill was sworn in as the 23rd Chairman of the FDIC, FINRA barred Jay Zornes for refusing to cooperate with an investigation into unapproved communications at Cambridge, the Federal Reserve prohibited a PrimeLending employee from banking and approved Fifth Third Bancorp's acquisition application, and 14 new advisory firms registered across 45 total events.
Travis Hill Sworn In as FDIC Chairman
Travis Hill was sworn in as the 23rd Chairman of the Federal Deposit Insurance Corporation — the most significant leadership change in U.S. banking regulation to start 2026. As FDIC Chairman, Hill will oversee deposit insurance for the nation's banking system, supervise state-chartered banks that are not members of the Federal Reserve System, and shape the agency's regulatory posture on bank chartering, supervision, and resolution planning. The chairmanship transition sets the tone for the FDIC's approach to bank supervision, fintech charters, and deposit insurance policy in the years ahead.
FINRA Bars Zornes for Refusing Cambridge Investigation Cooperation
FINRA barred Jay D. Zornes from the securities industry for refusing to provide information, documents, and on-the-record testimony requested under FINRA Rule 8210 in connection with an investigation into whether he used unapproved channels to communicate with Cambridge customers. The investigation targets off-channel communications — the use of personal text messages, WhatsApp, Signal, or other non-firm platforms to conduct business — which has become one of FINRA's and the SEC's highest enforcement priorities.
The Cambridge connection places this case within one of the nation's largest independent broker-dealers. Industry bars for Rule 8210 refusals are among the most severe sanctions FINRA imposes, reflecting the regulator's view that cooperation with investigations is a fundamental obligation of registration.
Fed Prohibits PrimeLending Employee, Approves Fifth Third
The Federal Reserve Board issued a prohibition order against Aquana Raffington, formerly of PrimeLending, a PlainsCapital Company in Dallas — barring the individual from the banking industry. The Fed also approved the acquisition application by Fifth Third Bancorp — one of the largest regional banks in the Midwest — allowing the Cincinnati-based institution to proceed with its expansion.
SEC Issues Statement on Regulation S-K Reform
The SEC published a statement on reforming Regulation S-K — the disclosure framework that governs what public companies must report to investors. Reg S-K reform has been a long-running regulatory initiative aimed at modernizing and streamlining corporate disclosure requirements. The statement signals the Commission's priorities for updating the framework in 2026. Eight SEC announcements were published in total, including exchange filings from Cboe and NYSE and two prehearing conference orders.
Capital One Receives Fiduciary Powers
Capital One, NA received fiduciary powers authorization from the OCC — enabling the bank to act as a trustee, executor, administrator, or other fiduciary capacity. For Capital One — one of the nation's largest consumer banks — fiduciary powers expand its ability to compete in the wealth management and trust services market. Santander Bank received relocation approval, and four branch establishments and one branch closing were processed.
14 New Firms, Four Name Changes
Fourteen new advisory firms registered — all immediate registrations — while three firms closed, producing a net gain of 11. Four name changes were recorded, including Delap Wealth Advisory becoming Aerodigm Wealth in what appears to be a complete rebranding, and Sgroi Wealth becoming Broadway Advisor Group.
Across the Wire
Three FOCUS reports were filed. NSCC issued notices regarding ACATS system updates — the Automated Customer Account Transfer System that facilitates the movement of customer accounts between broker-dealers. The day's 45 events made it the busiest day since January 3, driven by the combination of FDIC leadership transition, enforcement activity, and steady new firm formation.
All data sourced from FINRA BrokerCheck, SEC EDGAR, FDIC, Federal Reserve, OCC, NSCC/DTCC, and the Finleet Terminal as of January 13, 2026. Entity profiles are available at terminal.finleet.com.