PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Monday, January 12, 2026
January 12, 2026
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Federal Agencies
Federal Reserve Bank of New York
Report: ‘Transformed Intermediation: Credit Risk to Non Bank Financial Institutions, Liquidity Risk to Banks’
January 9, 2026
The Federal Reserve Bank of New York published a staff report titled “Transformed Intermediation: Credit Risk to NBFIs, Liquidity Risk to Banks.”
Federal Deposit Insurance Corporation
Consolidated Reports of Condition and Income Instructions for Q4 2025
January 9, 2026
The Federal Deposit Insurance Corporation released the instructions for consolidated reports of condition and income for Q4 2025.
Securities and Exchange Commission
SEC Publishes Staff Report on Capital-Raising Dynamics
January 8, 2026
The Securities and Exchange Commission’s (SEC) Office of the Advocate for Small Business Capital Formation published and delivered to Congress its 2025 staff report that serves as a comprehensive and data-rich resource on capital-raising dynamics nationwide.
Speech: ‘(Re)Empowering Fiduciaries in Proxy Voting’
January 8, 2026
SEC Director Brian Daly gave a speech titled “(Re)Empowering Fiduciaries in Proxy Voting.”
U.S. Department of Labor
BLS Releases December Jobs Report
January 9, 2026
The Bureau of Labor Statistics released the Employment Siutation Report for December 2025.
Bank Policy Institute
Blog: ‘What “Unsafe or Unsound” Actually Means Under the Law’
January 9, 2026
The Bank Policy Institute published a blog post titled “What ‘Unsafe or Unsound’ Actually Means Under the Law.”
International
European Commission
Commission Publishes Foreign Subsidies Regulation Guidelines
January 9, 2026
The European Commission published guidelines under the Foreign Subsidies Regulation (FSR) to bring further predictability and ensure transparency for companies.
European Banking Authority
EBA Publishes Final Draft Technical Standards on Booking Arrangements
January 9, 2026
The European Banking Authority published its final Regulatory Technical Standards (RTS) specifying the booking arrangements that third-country branches must apply under the Capital Requirements Directive.
EBA Publishes Report on Prudential Consolidation and Final Guidelines on Ancillary Services Undertakings
January 9, 2026
The European Banking Authority released its report on prudential consolidation and the final guidelines on ancillary services undertakings (ASU) under the Capital Requirements Regulation.
Bank of England
Paper: ‘State- and time-dependent pricing’
January 9, 2026
The Bank of England released a staff working paper titled “State- and time-dependent pricing.”
Paper: ‘Structural forecast analysis’
January 9, 2026
The Bank of England released a staff working paper titled “Structural forecast analysis.”
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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