Two items hitting the tape right now — one insider filing, one Fed regulatory move that every bank compliance desk needs to read today.

Two items hitting the tape right now — one insider filing, one Fed regulatory move that every bank compliance desk needs to read today.

First: Brian Charles Shackley, CIK 0001790261, just filed a Section 16 report with the SEC — Form 4 territory, insider transaction. No dollar figure in the feed yet, but the filing timestamp is 4:42 PM Eastern. Two filings, same name, same CIK — a Form 4 and a 144. That's a sell-side disclosure stack. You watch the after-hours tape when insiders move. We're watching.

Second, and this is the bigger story: The Federal Reserve dropped a proposal July 7th to amend anti-money laundering program requirements for banks. Comment period — so the rule isn't final. But the direction is locked in. Banks are getting new AML compliance obligations, and compliance costs don't stay in the footnotes. They show up in the efficiency ratio. They show up in the operating expense line. They show up in earnings guidance that management will absolutely try to soften with forward-looking language. Don't let them. If you're carrying regional bank exposure right now, your cost structure just got more complicated, and that's not a thesis — that's how rulemaking works every single time.

Fed has been tightening the regulatory perimeter on financials all cycle. AML expansion, capital requirements, stress test methodology — this isn't isolated. It's a pattern. This is another brick in that wall, and the wall is getting tall.

Signal scores: Shackley filing sits at 75 — worth tracking, not worth a position until we see the transaction detail. The Fed AML proposal scores 95. That one has real market structure implications and every regional bank CFO knows it. Whether they'll tell you that on the next earnings call is a different question entirely.

The numbers are the numbers. Management can spin. We don't.