PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday, July 17, 2026
July 17, 2026
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Congress
US Senate
Committee on Banking, Housing and Urban Affairs
Hearing: ‘The CFPB Semi-Annual Report: A New Day at the CFPB Through Reform’
July 16, 2026
The Senate Committee on Banking, Housing and Urban Affairs held a hearing titled “The CFPB Semi-Annual Report: A New Day at the CFPB Through Reform.” The committee heard testimony from the Consumer Financial Protection Bureau’s acting director, Russell Vought.
- Hearing
- Committee Chair Scott Statement
- Ranking Member Warren Statement
- CFPB Acting Director Vought Testimony
Minority Staff Release Report on Cost of Cuts to CFPB
July 16, 2026
The Senate Committee on Banking, Housing and Urban Affairs Minority Staff released a report claiming that cuts to the Consumer Financial Protection Bureau have cost Americans up to $26.5 billion.
Federal Agencies
US Department of the Treasury
Secretary Bessent Delivers Remarks Before the Ministerial on the Resurgence of Political Terrorism
July 16, 2026
Secretary of the Treasury Scott S. Bessent gave remarks before the ministerial on the resurgence of political terrorism convened by the U.S. Department of State.
Federal Reserve Board
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency
Agencies Issue Joint Statement on Handling of Highly Sensitive Information During Bank Examinations
July 16, 2026
The Federal Reserve Board, Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency issued a joint statement describing enhanced security procedures for review of highly sensitive information in connection with examinations of supervised banks, such as reviewing materials on-site rather than transferring them onto agency systems.
Federal Reserve Board
Working Paper: ‘Hidden Leverage in Nonfinancial Corporations’
July 16, 2026
The Federal Reserve Board published a working paper titled “Hidden Leverage in Nonfinancial Corporations.”
Speech: ‘Navigating Economic Shocks: A Monetary Policymaker’s Perspective’
July 16, 2026
Federal Reserve Board Vice Chair Philip N. Jefferson gave a speech titled “Navigating Economic Shocks: A Monetary Policymaker’s Perspective” at the Stanford Institute for Economic Policy Research at Stanford University in Stanford, California.
OIG Report: ‘Termination of the Forensic Evaluation of the Board’s CCure System’
July 16, 2026
The Office of Inspector General of the Federal Reserve Board announced its decision to terminate the forensic evaluation of the board’s CCure System.
OIG Report: ‘The Board Needs a More Robust Insider Risk Management Program’
July 16, 2026
The Office of Inspector General of the Federal Reserve Board released a report titled “The Board Needs a More Robust Insider Risk Management Program.”
Federal Reserve Bank of New York
Staff Report: ‘Bank Runs With and Without Bank Failure’
July 16, 2026
The Federal Reserve Bank of New York published a staff report titled “Bank Runs With and Without Bank Failure.”
Business Leaders Survey — July
July 16, 2026
The Federal Reserve Bank of New York released the July 2026 Business Leaders Survey.
Blog: ‘How Basel III Changes Where Capital Sits: Nonbank Subsidiaries as Equity Reservoirs’
July 16, 2026
The Federal Reserve Bank of New York published a Liberty Street Economics blog post titled “How Basel III Changes Where Capital Sits: Nonbank Subsidiaries as Equity Reservoirs.”
Office of the Comptroller of the Currency
Release: ‘Allowances for Credit Losses: Revised Comptroller’s Handbook Booklet and Rescissions’
July 16, 2026
The Office of the Comptroller of the Currency issued version 2.0 of the “Allowances for Credit Losses” booklet of the Comptroller’s Handbook.
Securities and Exchange Commission
SEC Proposes New E-Delivery Approach to Make Information More Readily Accessible and Useful for Investors
July 16, 2026
The Securities and Exchange Commission proposed Regulation E-Delivery, a new rule that would expand the ability of issuers, broker-dealers, investment advisers and others to use electronic delivery to satisfy information delivery requirements under the federal securities laws.
- Proposed Rule
- Fact Sheet
- Press Release
- Chair Atkins Statement
- Commissioner Peirce Statement
- Commissioner Uyeda Statement
Commissioner’s Remarks Before the American-Hellenic Chamber of Commerce
July 16, 2026
Securities and Exchange Commissioner Mark T. Uyeda gave remarks before the American-Hellenic Chamber of Commerce.
International
European Banking Authority
Joint Board of Appeal Dismisses Appeal Against the EBA
July 16, 2026
The Joint Board of Appeal of the European Supervisory Authorities (EBA, EIOPA and ESMA — the ESAs) has issued a decision stating that an appeal brought by an individual against the European Banking Authority is inadmissible.
Financial Conduct Authority
Joint Taskforce Continues Crackdown on Misleading Car Finance Claims Adverts
July 16, 2026
The Financial Conduct Authority, Advertising Standards Authority, Solicitors Regulation Authority and Information Commissioner’s Office are tackling the poor handling of motor finance claims by some claims companies and law firms.
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)
- 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 (effective December 22, 2025)
Consumer Financial Protection Bureau – Russel Vought (Acting Director effective February 10, 2025); Nominee Brian Johnson (nominated June 10, 2026)
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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