So this story from Gizmodo covers the topic and they claim to have received an actual response from the FAA stating it is being considered:
The FAA Is Considering a Ban on Samsung's Exploding Smartphones
Apparently a ban would have been a much more likely outcome if Samsung had done an official recall through the US Consumer Product Safety Commission, but because Samsung didn't do that it is a murkier issue.
I already submitted my response to Tmo via the email I received that I want to exchange my Note 7, but I gotta say I am now strongly considering going to the Tmo store and just getting a refund. I also have a Samsung wireless charging pad that I got for my b-day in August that I hope I can return to Tmo (even though I didn't buy it from them?) for a refund.
This sucks the big one and is an absolute deal killer. I've got to be able to fly...do it several times a year for work and family stuff. I'll give it until early next week and if there is no clarity by then on the FAA issue then I'm going to return my Note 7 and use my 6p and wait to see what the next Nexus phone bring. :'(