The FDIC approved deposit insurance applications for Ford Credit Bank and GM Financial Bank — both in Salt Lake City — in a historic dual approval for the auto industry, the CFTC and SEC announced a joint event on crypto regulatory harmonization, the OCC granted UKG National Trust Bank a new charter, FINRA fined Stirlingshire $40,000 for Regulation Best Interest failures on leveraged ETFs, and 21 RIA disclosures were recorded across 100 total events — the busiest day of January.

FDIC Approves Ford Credit Bank and GM Financial Bank

The FDIC approved deposit insurance applications for both Ford Credit Bank and GM Financial Bank in Salt Lake City, Utah — a landmark dual approval that brings two of the nation's largest auto lending companies into the FDIC-insured banking system. Ford Motor Credit Company and General Motors Financial Company are the captive finance subsidiaries of America's two legacy automakers, collectively managing hundreds of billions in auto loans and leases.

The simultaneous approval of both banks in Salt Lake City — the same chartering jurisdiction chosen by Edward Jones Bank — signals Utah's emergence as the preferred state for large financial institutions seeking de novo bank charters. For the auto finance industry, FDIC-insured bank charters provide access to lower-cost deposit funding to support their massive auto lending portfolios, reducing dependence on securitization markets and wholesale funding.

The FDIC also approved a final rule amending official signs and advertising requirements and established the Office of Supervisory Appeals — three significant board actions in a single day under new Chairman Travis Hill's leadership.

CFTC and SEC Announce Joint Crypto Harmonization Event

The CFTC and SEC announced a joint event on harmonization and U.S. financial leadership in the crypto era — a historic collaboration between the two agencies that have long been at odds over digital asset jurisdiction. The event signals an unprecedented level of coordination between the derivatives and securities regulators on cryptocurrency oversight, and follows Chairman Selig's creation of the CFTC Innovation Advisory Committee on January 12.

The harmonization initiative addresses one of the most consequential regulatory questions in financial services: which agency — the CFTC or SEC — has primary jurisdiction over various types of digital assets, and how the agencies can work together rather than at cross-purposes.

OCC Grants UKG National Trust Bank Charter

The OCC approved a new bank charter for UKG National Trust Bank, NA in Branchburg, New Jersey — the fourth new bank charter of January 2026. UKG (Ultimate Kronos Group) is one of the world's largest human capital management and payroll companies. A national trust bank charter would enable UKG to offer payroll-adjacent banking services, employee benefit trust administration, and potentially earned-wage-access products through a federally chartered banking entity.

FINRA Fines Stirlingshire $40K for Reg BI Failures on Leveraged ETFs

FINRA fined Stirlingshire Investments $40,000 for failing to establish reasonable supervisory procedures for recommendations of inverse and leveraged exchange-traded funds from November 2022 through April 2024, violating Regulation Best Interest and FINRA Rules 3110 and 2010. Leveraged and inverse ETFs — products that amplify daily index returns — carry unique risks for retail investors, and Reg BI requires firms to have robust systems for evaluating the suitability of these complex products.

Separately, FINRA sanctioned Jonathan M. Webster for recommending that 19 customers — at least 13 of whom were seniors — buy stocks in commission-based accounts rather than in their existing lower-cost fee-based advisory accounts. The case highlights Reg BI's requirement that brokers recommend the account type that is in the customer's best interest.

Merrill Lynch Advisor Moves to J.P. Morgan

Emilio Pineda (CRD 7604288) moved from Merrill Lynch to J.P. Morgan Securities — a wirehouse-to-wirehouse move between the industry's two largest wealth management platforms. Three Schwab advisors moved internally to Schwab Wealth Advisory. Creative Planning continued its Cetera recruiting with Brock Becker. Raymond James lost Tisha Hill to Ameriprise. Ten total advisor moves were recorded.

Across the Wire

Twenty-one RIA disclosures were recorded — the highest single-day count of January. Eleven new MPIDs were issued and six were removed. Fifteen new advisory firms registered, five closed. One RIA graduated from SEC registration while two failed the 120-day process. Eleven SEC announcements were published. The day's 100 events made it the busiest day of January by a wide margin.

All data sourced from FINRA BrokerCheck, SEC EDGAR, FDIC, CFTC, OCC, and the Finleet Terminal as of January 22, 2026. Entity profiles are available at terminal.finleet.com.