Daily Financial Regulation Update -- Monday, August 31, 2026

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Federal Agencies

US Department of the Treasury

Iran’s Access to UAE Banks Targeted Under Operation Economic Outcast

August 28, 2026

The Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) proposed a rule that would revoke Banque Misr UAE’s correspondent banking access to U.S. financial institutions.

• Press Release
• Proposed Rule

 

Federal Reserve Board

Chair’s Speech: ‘In Our Time’

August 28, 2026

Federal Reserve Chair Kevin Warsh gave a speech titled “In Our Time” at “Financial Innovation: Implications for Payments and Policy,” an economic policy symposium sponsored by the Federal Reserve Bank of Kansas City in Jackson Hole, Wyoming.

• Speech

 

Securities and Exchange Commission

SEC Proposes Amendments to Exchange Act Rule 3a12-8 to Add European Union Debt Obligations

August 28, 2026

The Securities and Exchange Commission proposed amendments to Rule 3a12-8 under the Securities Exchange Act of 1934 to add the debt obligations of the EU to the list of foreign government debt obligations designated as “exempted securities’ solely for the purposes of futures marketing and trading.

• Proposed Rule
• Fact Sheet
• Press Release

 

International

Bank of England

Working Paper: ‘How Do Firms Cope With Economic Shocks in Real Time?’

August 28, 2026

The Bank of England published a staff working paper titled “How do firms cope with economic shocks in real time?”

• Paper

 

Working Paper: ‘Locking in the Rate or Staying Flexible? Mortgage Refinancing Around an Interest Rate Shock’

August 28, 2026

The Bank of England published a staff working paper titled “Locking in the rate or staying flexible? Mortgage refinancing around an interest rate shock.”

• Paper

 

Working Paper: ‘A Welfare Analysis of the Central Bank Balance Sheet’

August 28, 2026

The Bank of England published a staff working paper titled A welfare analysis of the central bank balance sheet.”

• Paper

 

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