PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday, July 24, 2026
July 24, 2026
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Major Developments
Committee on Banking, Housing and Urban Affairs
Senate Releases New Text of the Clarity Act
July 22, 2026
The Senate Committee on Banking, Housing and Urban Affairs has released the updated text for the Digital Asset Market Clarity Act (H.R. 3633).
- Bill Text
- Press Release
- Senate Banking Committee Ranking Member Warren Statement
- Banking Trades Statement
- BPI Statement
Congress
US Senate
Committee on Banking, Housing and Urban Affairs
Nomination Hearing
July 23, 2026
The Committee on Banking, Housing and Urban Affairs met in an executive, closed session to vote on the following nominations:
- Christopher Phelan to be chairman of the Council of Economic Advisers to the Executive Office of the President;
- John Crews to be a member of the National Credit Union Administration; and
- Jeffrey Ledbetter to be inspector general of the Department of Housing and Urban Development.
Following the executive session the committee met in open session to conduct a hearing on the following nominations:
- Brian Johnson to be director of the Consumer Financial Protection Bureau;
- Abby Warren to be the assistant secretary of the Department of Commerce; and
- Irving Dennis to be the chief financial officer of the Department of Housing and Urban Development.
- Hearing
- Committee Chair Scott Statement
- Ranking Member Warren Statement
- CFPB Director Designate Johnson Testimony
- Commerce Assistant Secretary Designate Warren Testimony
- HUD CFO Designate Testimony
Federal Agencies
US Department of the Treasury
Report: ‘Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States’
July 23, 2026
The Department of the Treasury delivered its semiannual report to Congress on “Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States.”
Treasury Sanctions Individuals and Entities Linked to Cartel de Jalisco Nueva Generacion
July 23, 2026
The Department of the Treasury’s Office of Foreign Assets Control sanctioned more than 50 Mexican individuals and entities linked to the terrorist group Cartel de Jalisco Nueva Generacion.
Treasury Disrupts Muslim Brotherhood and Hamas Financial Networks
July 23, 2026
The Department of the Treasury’s Office of Foreign Assets Control designated a senior Egyptian Muslim Brotherhood official, along with three individuals and three entities that have provided material support to Hamas, an offshoot of the Muslim Brotherhood.
Federal Reserve Board
OIG Report: ‘The Board’s and Reserve Banks’ Practices for Following Up on Safety and Soundness Findings for Large and Foreign Banking Organizations’
July 23, 2026
The Office of Inspector General of the Board of Governors of the Federal Reserve System released a report titled “The Board’s and Reserve Banks’ Practices for Following Up on Safety and Soundness Findings for Large and Foreign Banking Organizations.”
Ginnie Mae
Global Markets Analysis Report — June
July 23, 2026
Ginnie Mae released the June 2026 Global Markets Analysis Report.
Bank Policy Institute
Joint Paper: ‘Strengthening Sensitive Data Sharing Practices Between Supervised Institutions and Financial Regulators — Risk-Based Practices Framework’
July 23, 2026
The Bank Policy Institute, in coalition with other financial trade associations, released a joint paper recommending best practices for sharing access to sensitive information in the supervisory process.
International
European Banking Authority
The EBA Consults on Rules to Further Improve Depositor Protection Under the Revised Deposit Guarantee Schemes Directive
July 23, 2026
The European Banking Authority launched four public consultations on proposed rules to further strengthen depositor protection, preserve financial stability and further harmonize depositor protection standards across the EU under the revised Deposit Guarantee Schemes Directive.
Bank of England
Letter From Gov. Bailey Addressing Artificial Intelligence and Cyber Attacks
July 23, 2026
Andrew Bailey, governor of the Bank of England, penned a letter to the Daily Mail on the subject of AI and cyber-attacks.
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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