PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday, February 13, 2026
February 13, 2026
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Congress
U.S. Senate
Committee on Banking, Housing and Urban Affairs
Hearing: ‘Oversight of the U.S. Securities and Exchange Commission’
February 12, 2026
The U.S. Senate Committee on Banking, Housing and Urban Affairs held a hearing titled “Oversight of the U.S. Securities and Exchange Commission.” The committee heard testimony from SEC Chairman Paul S. Atkins.
Federal Agencies
Federal Reserve Board
Working Paper: ‘Initial Margin for Crypto Currencies Risks in Uncleared Markets’
February 12, 2026
The Federal Reserve Board published a working paper titled “Initial Margin for Crypto Currencies Risks in Uncleared Markets.”
Federal Reserve Bank of New York
Staff Report: ‘The Payoffs of Higher Pay: Labor Supply and Productivity Responses to a Voluntary Firm Minimum Wage’
February 12, 2026
The Federal Reserve Bank of New York published a staff report titled “The Payoffs of Higher Pay: Labor Supply and Productivity Responses to a Voluntary Firm Minimum Wage.”
Staff Report: Bank Failures: ‘The Roles of Solvency and Liquidity’
February 12, 2026
The Federal Reserve Bank of New York published a staff report titled “Bank Failures: The Roles of Solvency and Liquidity.”
Article: ‘An Economy That Works for All: Financial Inclusion’
February 12, 2026
The Federal Reserve Bank of New York published a The Teller Window article on the New York Fed’s fifth annual “An Economy That Works for All” event on financial inclusion.
Blog: ‘Who Is Paying for the 2025 U.S. Tariffs?’
February 12, 2026
The Federal Reserve Bank of New York published a Liberty Street Economics blog post titled “Who Is Paying for the 2025 U.S. Tariffs?”
Federal Deposit Insurance Corporation
FDIC Releases Economic Scenarios for 2026 Stress Testing
February 12, 2026
The Federal Deposit Insurance Corporation released the hypothetical economic scenarios for use in the upcoming stress tests for covered institutions with total consolidated assets of more than $250 billion.
Office of the Comptroller of the Currency
OCC Releases Dodd-Frank Act Stress Test Scenarios for 2026
February 12, 2026
The Office of the Comptroller of the Currency released economic and financial market scenarios for use in the upcoming stress tests for covered institutions.
Securities and Exchange Commission
SEC Director of Enforcement Delivers Remarks to LA County Bar Association
February 12, 2026
SEC Director of Enforcement Margaret Ryan gave remarks to the Los Angeles County Bar Association.
Freddie Mac
Freddie Mac Announces Q4 and Full-Year 2025 Financial Results
February 12, 2026
Freddie Mac reported its fourth quarter and full-year 2025 financial results and filed its annual report on Form 10-K with the SEC.
Bank Policy Institute
Blog: ‘The Upside-Down World of the Liquidity Coverage Ratio: Some Unpleasant Arithmetic’
February 11, 2026
The Bank Policy Institute published a blog post titled “The Upside-Down World of the Liquidity Coverage Ratio: Some Unpleasant Arithmetic.”
International
European Banking Authority
EBA Advises National Authorities on Post-Transition Actions for PSD2 and MiCA No-Action Letter
February 12, 2026
The European Banking Authority (EBA) published an opinion advising national competent authorities under the Revised Payment Services Directive on how to proceed once the transition period in the EBA’s No-Action Letter of June 2, 2025, comes to an end on March 2, 2026.
Bank of England
Policy Statement: ‘Bank Resolution Standards Instrument: The Technical Standards (COREP13) Instrument 2026’
February 12, 2026
The Bank of England released a policy statement titled “Bank Resolution Standards Instrument: The Technical Standards (COREP13) Instrument 2026.”
Administration Changes
Vacancies
Appointments
U.S. Department of the Treasury – Scott Bessent (effective January 27, 2025)
Federal Reserve Board – Jerome H. Powell (effective May 23, 2022)
- 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 2026)
- Stephen Miran (sworn in September 16, 2025)
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 (Acting Chairman effective January 20, 2025, nominated to be Chair September 30, 2025 and Confirmed December 18, 2025)
- 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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