The clock is counting down: There are less than two weeks to go until the 2026 midterm elections. Congress has been out this month campaigning, and current polls are trending in the Democrats’ favor. With the House likely to flip and the Senate remaining a true toss-up, join CFP Board on Nov. 9 at 1:00 p.m. ET for our webinar "Policy Pulse: The Midterms and the Road Ahead," a nonpartisan look at the election results, the changing dynamics on Capitol Hill, and what the election outcome could mean for CFP® professionals and the financial planning profession.
For financial services, the stakes extend well beyond which party holds the gavels. Control of Congress will shape oversight of the Securities and Exchange Commission (SEC), the Consumer Financial Protection Bureau (CFPB) and other regulators; the direction of consumer and investor protection; tax and retirement policy; digital asset legislation; access to capital; and the rules affecting workplace benefits and financial education. A change in control could bring more hearings and investigations, while divided government could make major legislation harder to enact and shift attention toward oversight, appropriations, nominations and targeted provisions in must-pass bills. Committee leadership will be especially important.
ON THE HILL
Money Moves: Financial Planning 101 for Congressional Staff
⟩⟩ This week, CFP Board held its second Financial Planning 101 briefing for congressional staff, pictured above. In partnership with AARP, the fall event was designed to help congressional staff strengthen their financial foundations and prepare for long-term financial security. CFP® professionals provided practical guidance on budgeting, saving and debt management; Social Security; and the Thrift Savings Plan and other federal retirement benefits. The briefing also gave congressional staff an opportunity to better understand the full scope of financial planning and how CFP® professionals help Americans make informed financial decisions.
ON THE ROAD
Policy Takes Stage at CFP Board Connections 2026
⟩⟩ At CFP Board’s third-annual Connections Conference, held in Las Vegas in early October, a standing-room-only crowd attended “Washington Update 2026: The Midterms, the Profession and CFP Board’s Advocacy in a Shifting Landscape.” The panel, which featured Erin Koeppel, CFP Board’s Managing Director of Government Relations & Public Policy Counsel, and a bipartisan team from CFP Board’s outside policy firm, examined what control of Congress could mean for the policy landscape on Capitol Hill and at the SEC and other regulators, reviewed the Trump Administration’s current priorities and highlighted CFP Board’s recent advocacy work. The discussion focused on the policy issues most important to CFP® professionals and their clients and how practitioners can prepare for a changing political and regulatory environment.
REGULATORY ROUNDUP
SEC Proposes Numerous Changes for Investors and Investment Advisers
⟩⟩ Federal regulators have been busy, with several developments that could affect the products, rules and regulatory environment CFP® professionals navigate every day.
The SEC proposed major changes to the shareholder proposal and proxy process, including rescinding Rule 14a-8 and dropping the annual-report delivery requirement for most companies. It also created a five-year exemption for certain permissioned trading of tokenized public-company stocks and advanced proposals aimed at opening more private-market investments to individual investors, which includes potential accredited investor pathways through CFP® certification (more on this proposal below in "SEC Seeking Public Comment") and a new FINRA-administered exam. The proposed exam would be open to anyone age 18 or older, regardless of wealth or industry affiliation, and passing it would qualify an individual as an accredited investor for 10 years. In short, the SEC is considering a significant shift from income and net worth toward demonstrated financial knowledge.
The SEC also proposed a broad update to its custody rules for investment advisers, registered funds and business development companies. The proposal would create a framework for holding crypto assets and, in limited circumstances, allow advisers to self-custody a client’s crypto when no qualified custodian is available. That flexibility would come with substantial requirements around private-key management, cybersecurity, internal controls, account statements and independent accountant review.
DOL Retirement Rules Under Review
⟩⟩ At the Department of Labor, several retirement-related items are moving through White House review. They include rules on how plan fiduciaries select investments and exercise shareholder rights, options for qualified professional asset managers after a disqualification and automatic portability transactions. The Senate also confirmed Keith Sonderling as Labor Secretary on Sept. 30 after he had served as acting secretary.
New Regulations Allow Auto Enrollment for Trump 530A Accounts
⟩⟩ Treasury and the IRS are also moving ahead with Trump Accounts. Temporary regulations create a process to automatically enroll eligible children in 530A accounts, allowing the accounts to receive the federal pilot contribution and philanthropic contributions when parents make the election. The regulations also explain how philanthropies may contribute stock and permit others to donate stock through those programs.
SEC SHRINKS
SEC Commissioner Hester Peirce Departs, Leaving a Commission of Two
⟩⟩ Commissioner Hester Peirce left the SEC on Oct. 2 after serving since 2018. Her departure leaves Chair Paul Atkins and Commissioner Mark Uyeda as the Commission’s only two members. The SEC can still conduct business: When fewer than three commissioners are in office, the sitting commissioners constitute a quorum. A recent rule change also allows one commissioner to act on a matter if the other is recused, preventing a single recusal from bringing Commission business to a halt.
When the SEC will return to fuller membership is less clear. No nomination has been publicly announced, and the crowded post-election calendar could make confirmation difficult. Any nominee would first need a hearing and vote in the Senate Banking Committee before consideration by the full Senate.
SEC GUIDANCE
A New Roadmap for SEC Exams
⟩⟩ The SEC’s Division of Examinations published a new handbook that gives registrants a clearer look at what to expect during an examination — from the initial risk assessment through the final disposition letter. It replaces the division’s previous brochure and offers more practical guidance on preparing for an exam, communicating with staff, responding to information requests and providing feedback. It should be a useful roadmap before the exam team comes calling.
IN SUPPORT
CFP Board Comments on SEC Effort to Modernize Investor Communications While Preserving Investor Protections
⟩⟩ On Sept. 21, CFP Board submitted a comment letter to the SEC on its proposed framework for electronic delivery of investor disclosures under federal securities laws. CFP Board supports modernizing disclosure delivery to reflect how investors and financial professionals increasingly access information, while emphasizing the importance of preserving meaningful investor choice, practical access and strong investor protections.
In the letter, CFP Board encourages the SEC to consider:
