PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday, May 29, 2026
May 29, 2026
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Federal Agencies
US Department of the Treasury
Treasury Announces Launch of Trump Accounts App and Next Steps for Trump Accounts
May 28, 2026
The U.S. Department of the Treasury announced the launch of the Trump Accounts app.
Treasury Begins Sanctions Modernization Effort by Removing Outdated Entries
May 28, 2026
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is removing sanctions on 76 outdated targets, which are now being taken off its Specially Designated Nationals and Blocked Persons (SDN) List.
Secretary Bessent Delivers Economic Security Address
May 28, 2026
U.S. Secretary of the Treasury Scott Bessent addressed the 2026 Reagan National Economic Forum, delivering a sweeping policy speech that laid out his economic security doctrine.
OFAC Targets Illicit Oil Revenue Fueling Iran’s Military
May 28, 2026
OFAC is taking additional action against Iran’s military oil sales.
OFAC Targets Iranian Maritime Extortion
May 27, 2026
OFAC took action against Iran’s “Persian Gulf Strait Authority.”
Federal Reserve Board
Speech: ‘Global Economic Developments and the U.S. Economy’
May 28, 2026
Federal Reserve Board Vice Chair Philip N. Jefferson gave a speech titled “Global Economic Developments and the U.S. Economy” at the 2026 Bank of Japan-Institute for Monetary and Economic Studies Conference in Tokyo, Japan.
Federal Reserve Bank of New York
Blog: ‘The Regional Side of the Story: K‑Shaped Pattern in Region, Wider Gap in Gas Spending’
May 28, 2026
The Federal Reserve Bank of New York published a Liberty Street Economics blog post titled “The Regional Side of the Story: K‑Shaped Pattern in Region, Wider Gap in Gas Spending.”
Speech: ‘Productivity Growth and the Challenge of Real-Time Policymaking’
May 28, 2026
Federal Reserve Bank of New York President and CEO John C. Williams gave a speech titled “Productivity Growth and the Challenge of Real-Time Policymaking” at the Reykjavík Economic Conference in Reykjavík, Iceland.
Federal Reserve Bank of Boston
Working Paper: ‘The Effect of Land Supply for New Homes on Residential Investment and House Prices’
May 28, 2026
The Federal Reserve Bank of Boston’s Research Department published a working paper titled “The Effect of Land Supply for New Homes on Residential Investment and House Prices.”
Securities and Exchange Commission
Remarks: ‘Privacy and PetShops at the Regulatory PETshop Series: Cryptographic Technologies and Financial Services Regulation’
May 27, 3036
Securities and Exchange Commissioner Hester M. Peirce gave a remarks titled “Privacy and PetShops” at the Regulatory PETshop Series: Cryptographic Technologies and Financial Services Regulation.
Commodity Futures Trading Commission
CFTC Sues to Block State Enforcement in Rhode Island Amid Ongoing Efforts to Preserve Jurisdiction
May 28, 2026
The Commodity Futures Trading Commission moved to intervene in a lawsuit in the U.S. District Court for the District of Rhode Island to halt the state’s efforts to apply state gambling laws against CFTC-registered contract markets.
International
Bank of England Prudential Regulation Authority
Policy Statement: ‘Pillar 2A review – Phase 1’
May 28, 2026
The Prudential Regulation Authority released a policy statement titled “Pillar 2A review – Phase 1.”
Financial Conduct Authority
Report: ‘Firms have improved but must do more to prevent sanctions breaches’
May 28, 2026
The Financial Conduct Authority released a review report titled “Sanctions systems and controls in our firms: our findings.”
Administration Changes
Vacancies
Appointments/Confirmation Hearings
U.S. Department of the Treasury – Scott Bessent (effective January 27, 2025)
Federal Reserve Board – Kevin Warsh (effective May 22, 2026)
- Vice Chair Phillip N. Jefferson (sworn in September 13, 2023)
- Vice Chair for Supervision Michelle W. Bowman (sworn in June 9, 2025)
- Governor Michael Barr (sworn in July 19, 2022)
- Governor Christopher J. Waller (sworn in December 18, 2020)
- Governor Lisa D. Cook (sworn in September 13, 2022 – SCOTUS hearing on purported termination to be held in January 21, 2026)
- Stephen Miran (sworn in September 16, 2025)
- Governor Jerome H. Powell (sworn in June 16, 2014)
Federal Reserve Bank of New York – John C. Williams (effective June 18, 2018)
Federal Reserve Bank of Boston – Susan M. Collins (effective July 1, 2022)
Federal Deposit Insurance Corporation – Travis Hill (effective January 13, 2026)
- Vice Chairman Vacant
- Director Vacant
- Director Jonathan Gould (Comptroller of the Currency)
- Director Russel Vought (Director of Consumer Financial Protection Bureau)
Office of the Comptroller of the Currency – Jonathan Gould (effective July 15, 2025)
Securities and Exchange Commission – Paul Atkins (effective April 9, 2025)
Commodity Futures Trading Commission – Michael Selig (confirmed December 18, 2025)
Consumer Financial Protection Bureau – Russel Vought (Acting Director effective February 10, 2025)
National Credit Union Administration – Kyle Hauptman (Chairman effective January 20, 2025)
Small Business Administration – Kelly Loeffler (effective February 19, 2025)
U.S. Department of Housing and Urban Development – Scott Turner (effective February 5, 2025)
Federal Housing Finance Agency – William Pulte (effective March 13, 2025)
U.S. Department of Education – Linda McMahon (effective March 3, 2025)
Financial Crimes Enforcement Network – Andrea Gacki (effective July 13, 2023)
PH Client Alerts
Click here to read more from our Coronavirus series.
Legislation/Legislative Updates
Click here to view the full text of the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”), enacted March 27, 2020.
Click here to view the full text of the Paycheck Protection Program Increase Act of 2020, enacted April 24, 2020.
Click here to view the full text of the Paycheck Protection Program Flexibility Act of 2020, enacted June 5, 2020.
Click here to view the full text of theConsolidated Appropriations Act, 2021, enacted December 27, 2020.
Click here to view the full text of the American Rescue Plan of 2021, enacted March 11, 2021.
Click here to view the full text of the PPP Extension Act of 2021, enacted March 30, 2021.
Click here to view a running list of proposed legislation from the Senate Committee on Banking, Housing and Urban Affairs, Senate Committee on Small Business and Entrepreneurship, House Committee on Financial Services and House Committee on Small Business
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