Daily Financial Regulation Update -- Monday, February 23, 2026

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Federal Agencies

U.S. Department of the Treasury

Financial Action Task Force Advances Key Illicit Finance Initiatives

February 20, 2026

The U.S. Department of the Treasury announced that the Financial Action Task Force, the global standard-setting body for anti-money laundering, countering the financing of terrorism and countering proliferation financing (AML/CFT/CPF), concluded its fifth plenary under the Mexican presidency. The plenary was held Feb. 11-13 in Mexico City.

• Press Release

 

Secretary Bessent Delivers Remarks at Economic Club of Dallas

February 20, 2026

Treasury Secretary Scott Bessent gave remarks before the Economic Club of Dallas titled “Economic Security First.”

• Remarks

 

Federal Reserve Bank of New York

Speech: ‘The U.S. Economy: Reflections and a Look Ahead’

February 20, 2026

Federal Reserve Bank of New York Director of Research Kartik Athreya gave a speech titled “The U.S. Economy: Reflections and a Look Ahead.”

• Speech

 

Federal Reserve Bank of Boston

Working Paper: ‘Do Monetary Policy Shocks Affect the Neutral Rate of Interest?’

February 20, 2026

The Federal Reserve Bank of Boston’s Research Department published a working paper titled “Do Monetary Policy Shocks Affect the Neutral Rate of Interest?”

• Paper

 

Bank Policy Institute

BPI: Fed Proposal Marks Progress in Improving Stress Test Transparency

February 20, 2026

The Bank Policy Institute, American Bankers Association, Financial Services Forum, Securities Industry and Financial Markets Association, International Swaps and Derivatives Association and U.S. Chamber of Commerce submitted a comment letter to the Federal Reserve regarding the Fed’s stress test proposal.

• Letter
• Press Release

 

International

Bank of England

Policy Statement: ‘Credit Union Service Organizations’

February 20, 2026

The Bank of England released a policy statement titled “Credit Union Service Organizations.”

• Policy Statement

 

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