CFTC Chairman Selig announced senior staff appointments to build out his leadership team, the SEC named Keith Cassidy as Director of the Division of Examinations and Christina Thomas as Deputy Director of Corporation Finance, FINRA reported recurring TRACE Treasury system port disconnections, and four OCC business combinations were processed across 35 total events as the industry returned from the Martin Luther King Jr. Day holiday.

CFTC Chairman Selig Fills Out Leadership Team

CFTC Chairman Selig announced senior staff appointments — the latest step in building out his leadership team since taking the chair. The appointments establish the personnel framework through which the CFTC will pursue its regulatory and enforcement agenda in 2026, including the Innovation Advisory Committee launched on January 12. Senior staff selections at the CFTC carry particular significance given the agency's expanding role in digital asset oversight and prediction markets regulation.

SEC Names Cassidy as Examinations Director

The SEC announced that Keith E. Cassidy has been named Director of the Division of Examinations — the division responsible for conducting examinations of registered investment advisers, broker-dealers, transfer agents, and other regulated entities. The Examinations Director shapes the SEC's examination priorities, risk-assessment methodology, and the allocation of examiner resources across the roughly 15,000 registered investment advisers and 3,500 broker-dealers under SEC oversight.

Christina M. Thomas was also announced as returning to the Division of Corporation Finance as Deputy Director, while additional senior staff were named in the Division of Corporation Finance. The leadership appointments signal the SEC's staffing priorities as the agency's new leadership takes shape.

FINRA Reports TRACE System Disruptions

FINRA issued a technical notice alerting members to recurring port disconnections affecting TRACE Treasury and ORF FIX ports following system open. The TRACE system is the primary reporting mechanism for over-the-counter fixed income transactions, and port disconnections can delay trade reporting and affect market transparency. FINRA's acknowledgment that the issue was a "reoccurrence" suggests an ongoing technical challenge with the bond trade reporting infrastructure.

FINRA Proceedings Continue Against Sutter Securities

FINRA's Office of Hearing Officers issued an order in the ongoing disciplinary proceeding against Sutter Securities Inc. and Keith Charles Moore — the case that was filed on January 16. Separately, FINRA accepted an offer of settlement from James Thaddeus Walesa for failing to respond to FINRA staff requests for information, documents, and on-the-record testimony related to an examination of his business practices and voluntary termination.

Four OCC Business Combinations Processed

The OCC processed four business combination actions — the highest single-day M&A activity of January. First Financial Bank, NA in Terre Haute, Indiana, and Hilltop National Bank in Casper, Wyoming, both received approval. HNB National Bank in Hannibal, Missouri, filed a new application. USV Interim Bank in Houston withdrew its combination filing — a relatively unusual action suggesting the underlying deal may have fallen through or been restructured.

Post-Holiday Return

Seven branch establishments and one branch closing were processed by the OCC. Three new advisory firms registered while one closed. One FOCUS report was filed. One new MPID was issued and one clearing change was recorded. Twelve SEC announcements were published, including two orders to show cause against Hfactor Inc. and Maiden Creek Mining. The day's 35 events reflected a full return to business following the MLK Day holiday, with regulatory leadership appointments and market structure issues dominating the agenda.

All data sourced from FINRA BrokerCheck, SEC EDGAR, CFTC, OCC, and the Finleet Terminal as of January 20, 2026. Entity profiles are available at terminal.finleet.com.