PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Monday, July 20, 2026
July 20, 2026
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Congress
US House of Representatives
Committee on Financial Services
Field Hearing: ‘Building the Future of Finance: How the CLARITY Act Unlocks Innovation’
July 17, 2026
The House Committee on Financial Services Subcommittee on Digital Assets, Financial Technology and Artificial Intelligence held a field hearing titled “Building the Future of Finance: How the CLARITY Act Unlocks Innovation” in New York City.
Federal Agencies
Federal Reserve Board
Working Paper: ‘The Last Taxi: LCR Buffers and Bank Liquidity Provision’
July 17, 2026
The Federal Reserve Board published a working paper titled “The Last Taxi: LCR Buffers and Bank Liquidity Provision.”
Working Paper: ‘Demand Shocks and Endogenous Uncertainty’
July 17, 2026
The Federal Reserve Board published a working paper titled “Demand Shocks and Endogenous Uncertainty.”
Working Paper: ‘Transmission Growth-at-Risk: How Foreign Financial Vulnerabilities Shape US Growth Prospects’
July 17, 2026
The Federal Reserve Board published a working paper titled “Transmission Growth-at-Risk: How Foreign Financial Vulnerabilities Shape U.S. Growth Prospects.”
Federal Reserve Bank of New York
Blog: ‘Nonbank Subsidiaries and the Hidden Fragility of Internal Capital Markets Reallocation’
July 17, 2026
The Federal Reserve Bank of New York published a Liberty Street Economics blog post titled “Nonbank Subsidiaries and the Hidden Fragility of Internal Capital Markets Reallocation.”
Federal Reserve Bank of Boston
Report: ‘New England Economic Conditions Through July 14, 2026’
July 17, 2026
The Federal Reserve Bank of Boston published a report on New England economic conditions through July 14.
Federal Deposit Insurance Corporation
Letter: ‘GENIUS Act: Proposed Reporting Forms and Instructions for FDIC-Supervised Permitted Payment Stablecoin Issuers’
July 17, 2026
The Federal Deposit Insurance Corporation issued a financial institution letter on the proposed reporting forms and instructions for FDIC-supervised permitted payment stablecoin users under the GENIUS Act.
Commodity Futures Trading Commission
CFTC Sunsets Routine Large Trader Reporting Requirements for Physical Commodity Swaps
July 17, 2026
The Commodity Futures Trading Commission issued a final order sunsetting the routine position-reporting requirements of Part 20, the large trader reporting rules for physical commodity swaps.
International
European Commission
Commission Outlines Measures to Strengthen Europe’s Banking Sector and Support Growth
July 16, 2026
The European Commission adopted a communication on the competitiveness of the EU banking sector, setting out measures to strengthen the single market for banking.
- Questions and Answers
- Communication
- Staff Working Document
- Press Release
- Commissioner Albuquerque Remarks
Commission Boosts Europe’s Competitiveness, Decarbonization and Independence With Electrification Action Plan and ETS review
July 16, 2026
The commission announced an Electrification Action Plan to make Europe the first electro-powered continent and a stronger carbon market to support the EU’s industry in clean transition and electrification.
- Press Release
- ETS Directive proposal
- Monitoring, Reporting and Verification Proposal
- ETS Heat and Fuel Benchmarks Proposal
- Impact Assessment
- ETS Questions and Answers
- ETS Factsheet
- Electrification Plan Questions and Answers
- Electrification Plan Factsheet
- Electrification Plan Communication
European Banking Authority
The EBA Publishes Final Draft Technical Standards on Material Acquisitions, Material Transfers, Mergers and Divisions Under the Capital Requirements Directive
July 17, 2026
The European Banking Authority published its final draft Regulatory Technical Standards and Implementing Technical Standards on material acquisitions, transfers of assets or liabilities, mergers and divisions involving credit institutions or (mixed) financial holding companies under the Capital Requirements Directive.
The EBA Consults on Amendments to Data Collection for the 2027 Market Risk Benchmarking Exercise
July 17, 2026
The European Banking Authority launched a consultation on amendments to the Implementing Technical Standards governing the benchmarking of internal models and the standardized approach for market risk for the 2027 exercise.
Bank of England
Working Paper: ‘A Flexible Deviation From FIRE in the Sequence Space’
July 17, 2026
The Bank of England published a staff working paper titled “A flexible deviation from FIRE in the sequence space.”
Working Paper: ‘Inflation Thresholds and Oil Shock Transmission in the UK: A Self-Exciting Threshold VAR Approach’
July 17, 2026
The Bank of England published a staff working paper titled “Inflation thresholds and oil shock transmission in the UK: a self-exciting threshold VAR approach.”
Working Paper: ‘Anchors aweigh? The Effect of Communicating Forecast Uncertainty’
July 17, 2026
The Bank of England published a staff working paper titled “Anchors aweigh? The effect of communicating forecast uncertainty.”
Administration Changes
Vacancies
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)
- 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 (effective December 22, 2025)
Consumer Financial Protection Bureau – Russel Vought (Acting Director effective February 10, 2025); Nominee Brian Johnson (nominated June 10, 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
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