Insights

PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Friday, September 4, 2026

September 04, 2026

Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe

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Federal Agencies

Federal Reserve Board

Working Paper: ‘The Flight to Affordability: Effects of Pandemic Rent Increases on Renters by Geography’

September 3, 2026

The Federal Reserve Board published a working paper titled “The Flight to Affordability: Effects of Pandemic Rent Increases on Renters By Geography.”

Paper

Interview: ‘The Economic Outlook and Some Comments on My Policy Communication’

September 3, 2026

Federal Reserve Board Gov. Christopher J. Waller gave an interview with Reuters NEXT Newsmaker regarding the economic outlook and policy communications.

Interview

Federal Reserve Bank of New York

Report: ‘How Do Market Expectations React to the FOMC Dot Plot?’

September 3, 2026

The Federal Reserve Bank of New York published a staff report titled “How Do Market Expectations React to the FOMC Dot Plot?”

Report

Blog: ‘Jackson Hole: Exploring the Financial Frontier’

September 3, 2026

The Federal Reserve Bank of New York published a Liberty Street Economics article titled “Jackson Hole: Exploring the Financial Frontier.”

Blog

Securities and Exchange Commission

SEC Proposes Rescission of Political Contribution Rule for Investment Advisers

September 3, 2026

The Securities and Exchange Commission issued a proposal to rescind its “pay-to-play” rule, which prohibits investment advisers from providing compensated investment advisory services to a government client for two years after making a political contribution to certain elected officials or candidates, and related recordkeeping requirements.

Commodity Futures Trading Commission

CFTC Director’s Remarks on Digital Markets and International Regulation

September 3, 2026

Commodity Futures Trading Commission Director of International Affairs Mel Gunewardena gave remarks on digital markets and international regulation at George Washington University.

Remarks

Financial Crimes Enforcement Network

FinCEN Identifies Nearly $13 Billion Linked to Suspected Digital Asset Scams Operated by Overseas Scam Centers

September 3, 2026

The Department of the Treasury’s Financial Crimes Enforcement Network published an analysis and an alert to financial institutions to be vigilant to digital asset investment scams perpetrated by overseas scam centers.

International

Bank of England

Chief Economist’s Remarks on Raising Bank Rate to 4%

September 3, 2026

Bank of England Chief Economist Huw Pill gave remarks at the Edinburgh Chamber of Commerce roundtable explaining why he has supported raising Bank Rate to 4% in recent MPC meetings.

Remarks

Administration Changes

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 S. 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)
Acting Director Mark Paoletta (Acting 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 – Mark Paoletta (Acting Director effective August 1, 2026); Nominee Brian Johnson (nomination hearing July 24, 2026)

National Credit Union Administration – John Crews (Chairman effective August 24, 2026

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 the Consolidated 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

Administration Changes

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)
Acting Director Mark Paoletta (Acting 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 – Mark Paoletta (Acting Director effective August 1, 2026); Nominee Brian Johnson (nominated June 10, 2026 – nomination hearing July 24, 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