Policy Updates

Proposal at publication

SEC Proposes Changes to Fund Portfolio Reporting Form N-PORT — Not an Immigration Rule

The SEC has proposed amendments to Form N-PORT, a portfolio reporting requirement for registered investment companies such as mutual funds and ETFs. This rule has no connection to immigration, visas, or work authorization and does not affect F-1 students, H-1B workers, or any other visa holders. The Visa Pulse covers this document only to note it is outside our editorial scope.

Proposal at publication

2 reports · One policy timeline

HUD Proposes Stricter Immigration Checks for All Public Housing Applicants

HUD wants to require immigration status verification for every person seeking public or assisted housing assistance — regardless of age. Under current rules, elderly applicants and some family members are exempt. If finalized, mixed-status families could lose indefinite prorated housing assistance and face a hard deadline to prove eligibility. Comments are open through April 21, 2026.

PHMSA Grants 25 Hazardous Materials Special Permits, Denies One in February 2026

The Pipeline and Hazardous Materials Safety Administration (PHMSA) has published its latest batch of special permit actions, granting 25 applications and denying one. These permits allow companies like SpaceX, Blue Origin, Amazon, and Korean Air Lines to transport or package hazardous materials under conditions that differ from standard federal regulations. Comments on these actions are due by March 19, 2026.

2 reports · One policy timeline

FMCSA Limits Non-Domiciled Commercial Driver's Licenses to H-2A, H-2B, and E-2 Visa Holders

The Federal Motor Carrier Safety Administration is finalizing rules that restrict who can obtain a non-domiciled Commercial Driver's License (CDL) in the US. Only foreign nationals holding H-2A, H-2B, or E-2 nonimmigrant visa status will remain eligible, cutting off access for EAD holders, DACA recipients, and most other immigration statuses. The rule takes effect March 16, 2026.

Proposal at publication

NCUA Proposes Rules for Credit Unions to Launch Stablecoin Subsidiaries Under GENIUS Act

The National Credit Union Administration is proposing regulations to implement the GENIUS Act, which requires federally insured credit unions to use licensed subsidiaries to issue payment stablecoins. The proposed rule sets out an application and licensing process for these subsidiaries and limits credit unions to investing only in NCUA-licensed stablecoin issuers. Comments are due by April 13, 2026, with final rules required by July 18, 2026.

DHS & DOL Add 64,716 H-2B Visas for FY2026 — But Only for Businesses Near Collapse

DHS and DOL just unlocked nearly 65,000 extra H-2B temporary worker visas for FY2026, but there's a major catch: only employers who can prove they face severe, irreparable financial harm can access them. If your business depends on seasonal nonagricultural workers — think hospitality, landscaping, or seafood processing — this could be your lifeline. Here's what you need to know before the September 15 petition deadline.

H-2B Cap Expanded by 64,716 Additional Visas for FY 2026 Seasonal Workers

The Department of Homeland Security and Department of Labor are releasing up to 64,716 additional H-2B temporary nonagricultural worker visas for fiscal year 2026. These supplemental visas are reserved for businesses that can demonstrate they face severe, permanent financial harm without the extra workers. The visas will be distributed across three separate allocations based on when employers need workers.

Navy Seeks Approval to Disturb Marine Mammals During San Diego Bay Construction Projects

The U.S. Navy has requested federal authorization to incidentally disturb marine mammals during two construction projects at San Diego Bay naval bases. NMFS is accepting public comments through March 5, 2026 on proposed harassment authorizations covering up to six marine mammal species. These projects involve pile driving and removal work at Naval Base Point Loma and Naval Base San Diego.

PHMSA Seeks Public Comment on 9 New Hazardous Materials Special Permit Applications

The Pipeline and Hazardous Materials Safety Administration (PHMSA) has published notice of nine new applications for special permits to transport hazardous materials, including lithium batteries and infectious substances, under alternative conditions. Public comments are due by March 4, 2026. This notice has no direct impact on visa holders or immigration status.

NYSE Arca Adds Cash Settlement Option for Customizable ETF Options Contracts

NYSE Arca has amended its rules to allow certain highly liquid ETF-based FLEX Options to be settled in cash rather than requiring physical delivery of shares. The change applies to up to 50 qualifying ETFs that meet strict liquidity thresholds. This rule took effect immediately upon filing and mirrors rules already in place at other exchanges.

NSCC Proposes Streamlined Clearing for ETFs With Options Components

The National Securities Clearing Corporation (NSCC) has proposed a rule change to simplify the creation and redemption of exchange-traded funds (ETFs) that hold options as underlying assets. Currently, these transactions require fragmented manual processes outside of traditional clearing systems. The proposal would make NSCC the central hub for these transactions, routing option-related instructions to the Options Clearing Corporation (OCC) automatically.

Cboe EDGX Exchange Proposes Retail Price Improvement Program for Stock Orders

Cboe EDGX Exchange has proposed a new Retail Price Improvement (RPI) Program that would give retail investors better prices on stock trades by at least $0.001 above the best national bid or below the best national offer. The SEC is soliciting public comments on the proposal, which also clarifies how non-displayed orders behave on the exchange. This rule change affects stock market structure and does not directly impact visa holders or immigration status.