PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Monday, April 27, 2026
April 27, 2026
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Federal Agencies
Office of the Comptroller of the Currency
OCC Issues Interim Final Actions on Bank Powers Under Federal Law and Preemption of Related State Law
April 24, 2026
The Office of the Comptroller of the Currency (OCC) announced an interim final rule and interim final order related to activities of national banks and federal savings associations. The interim final rule addresses powers under federal law for national banks to charge certain fees, regardless of whether those fees are set by the bank or a third party. The OCC’s interim final order takes the position that federal law preempts the Illinois Interchange Fee Prohibition Act, expressly providing that national banks and federal savings associations are neither subject to nor required to comply with this state law.
OCC Issues Notice of Proposed Rulemaking to Streamline Regulations
April 24, 2026
The OCC issued a notice of proposed rulemaking to rescind or amend certain regulations that are unnecessary, based on anything other than the best reading of the underlying statutory authority, or lacking clear statutory authority.
U.S. Department of the Treasury
Treasury Announces Sanctions Against Global Network Fueling Iran’s Oil Trade and Shadow Fleet
April 24, 2026
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced that it sanctioned China-based independent teapot refinery Hengli Petrochemical (Dalian) Refinery (Hengli), one of Iran’s largest customers for crude oil and other petroleum products, having purchased billions of dollars’ worth of Iranian petroleum. OFAC also said it is targeting approximately 40 shipping firms and vessels that operate as part of Iran’s shadow fleet, whose transportation of petroleum and petrochemicals provides a financial lifeline to the Iranian regime.
Treasury Announces Form 990 Transparency Initiative to Expose Hidden Funding and Strengthen Oversight
April 23, 2026
The U.S. Department of the Treasury announced that the Internal Revenue Service (IRS) plans to revise Form 990 to improve transparency, strengthen tax administration and provide clearer reporting on certain activities of tax-exempt organizations described in Section 501(c)(3) of the Internal Revenue Code, including government contracts and grants and fiscal sponsorship arrangements.
Treasury, IRS Announce Process for Tax Guidance Following DOJ Final Order on Medical Marijuana Rescheduling
April 23, 2026
The U.S. Department of the Treasury and the Internal Revenue Service announced that they plan to issue guidance addressing the federal tax consequences of the U.S. Department of Justice’s (DOJ’s) Final Order implementing President Trump’s executive order titled “Increasing Medical Marijuana and Cannabidiol Research.”
Federal Reserve Board
DOJ Drops Investigation of Fed Chair Powell
April 24, 2026
U.S. Attorney for the District of Columbia Jeanine Pirro announced that her office was ending its criminal investigation into Federal Reserve Chair Jerome Powell.
- Attorney Pirro X Post
- Senate Banking Committee Chair Scott Statement
- Senate Banking Committee Ranking Member Warren Press Release
- House Financial Services Committee Chair Hill Statement
Securities and Exchange Commission
Commissioner Delivers Remarks at SEC International Institute on Capital Formation
April 24, 2026
Securities and Exchange Commissioner Hester M. Peirce gave remarks at the SEC’s International Institute on Capital Formation.
Commodity Futures Trading Commission
CFTC Sues New York Over Prediction Markets
April 24, 2026
The Commodity Futures Trading Commission (CFTC) filed a lawsuit in the U.S. District Court for the Southern District of New York to halt the New York State’s efforts to apply state gambling laws against CFTC-registered contract markets.
International
European Commission
EU and Partners Sign Global Green Bond Initiative Fund to Mobilize €20 Billion for Sustainable Infrastructure
April 24, 2026
The European Union and partner development finance institutions signed the Global Green Bond Initiative (GGBI) Fund, a new public-private investment tool to mobilize up to €20 billion of private capital for sustainable infrastructure projects in low- and middle-income countries.
European Banking Authority
ESA’s Joint Committee Highlights Digitalization, Cyber Resilience and Sustainable Finance as Key Priorities of 2025
April 24, 2026
The Joint Committee of the European Supervisory Authorities (EBA, EIOPA and ESMA — the ESAs) published its annual report for 2025, setting out the main priorities and achievements of its cross-sectoral work over the past year.
Bank of England
Agents’ Summary of Business Conditions — April 2026
April 24, 2026
The Bank of England released the Agent’s summary of business conditions for April 2026.
Monthly Decision Maker Panel data — April 2026
April 24, 2026
The Bank of England released the Decision Maker Panel survey data for April 2026.
Working Paper: ‘Substitution between RTGS and instant payment schemes: the impact of the 2022 Faster Payments transaction limit increase on CHAPS’
April 24, 2026
The Bank of England published a staff working paper titled “Substitution between RTGS and instant payment schemes: the impact of the 2022 Faster Payments transaction limit increase on CHAPS.”
Financial Conduct Authority
Cyber Coordination Group Insights 2025
April 24, 2026
The Financial Conduct Authority (FCA) released a summary of discussions held throughout 2025 with industry members of the Cyber Coordination Group (CCG) program.
FCA Spearheads Global Action to Stop Illegal Finfluencers
April 24, 2026
The FCA announced that it has led international action to stop illegal finfluencers putting consumers’ money at risk. The agency said 17 regulators worldwide took part in the “week of action” that included enforcement activity, consumer awareness campaigns and educational programs for finfluencers who want to act responsibly.
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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