PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Monday, June 1, 2026
June 01, 2026
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Major Developments
SEC Proposes Rescission of Climate-Related Disclosure Rules
May 29, 2026
The Securities and Exchange Commission proposed the rescission of rules that require companies to provide certain climate-related information in their registration statements and annual reports.
- Proposed Rule
- Fact Sheet
- Press Release
- SEC Chair Atkins Statement
- SEC Commissioner Peirce Statement
- SEC Commissioner Uyeda Statement
Federal Agencies
US Department of the Treasury
Treasury and IRS Issue Section 892 Proposed Regulations to Provide Grandfathering Protection and Transitional Relief to Sovereign Investors
May 29, 2026
The Department of the Treasury and the Internal Revenue Service issued additional guidance addressing the applicability dates of recent proposed regulations under Section 892 of the Internal Revenue Code, which exempts foreign governments, including sovereign wealth funds, from tax on certain income derived from passive U.S. investments. This additional guidance provides grandfathering protection and transitional relief to foreign governments investing in the United States.
Remarks by Treasury Secretary Before the 2026 Reagan National Economic Forum: ‘While America Slept’
May 29, 2026
Secretary of the Treasury Scott Bessent gave remarks before the 2026 Reagan National Economic Forum.
GAO Report: ‘Treasury Should Address Gaps in Ownership Information Resulting from Expanded Exemptions’
May 29, 2026
The Government Accountability Office published a report titled “Treasury Should Address Gaps in Ownership Information Resulting from Expanded Exemptions.”
Federal Reserve Board
Vice Chair Speech: ‘A Framework for Practical Monetary Policy Decision-Making’
May 29, 2026
Federal Reserve Board Vice Chair for Supervision Michelle W. Bowman gave a speech titled “A Framework for Practical Monetary Policy Decision-Making” at the Reykjavík Economic Conference 2026 at the Central Bank of Iceland in Reykjavík.
Working Paper: ‘Alternative Scenarios at the Federal Reserve from 1968 to 2020: Data, Interpretation and Evaluation’
May 29, 2026
The Federal Reserve Board published a working paper titled “Alternative Scenarios at the Federal Reserve from 1968 to 2020: Data, Interpretation and Evaluation.”
Working Paper: ‘Skill and Efficiency in the US Mutual Fund Industry’
May 29, 2026
The Federal Reserve Board published a working paper titled “Skill and Efficiency in the U.S. Mutual Fund Industry.”
Conference of State Bank Supervisors
OCC’s Analysis on Interchange Fees Would Lead to Industry and Consumer Uncertainty
May 29, 2026
The Conference of State Bank Supervisors asked the Office of the Comptroller of the Currency to revise its analysis in an interim final order preempting the Illinois Interstate Fee Prohibition Act and to withdraw an interim final rule regarding a national bank’s power to charge interchange fees.
- Statement on Proposed Rule to Preempt IIFPA
- CSBS Statement on Cantero v. Bank of America
- Press Release
Summary of Deposits Survey and Filing Required for June 30
May 29, 2026
The Federal Deposit Insurance Corporation released the annual Summary of Deposits Survey.
Securities and Exchange Commission
Chair Gives Keynote Remarks at the 2026 Reagan National Economic Forum
May 29, 2026
Securities and Exchange Commission Chair Paul S. Atkins gave keynote remarks at the 2026 Reagan National Economic Forum.
Commodity Futures Trading Commission
CFTC Issues Policy Statement Concerning the Listing of Perpetual Contracts
May 29, 2026
The Commodity Futures Trading Commission issued a policy statement describing the views of the commission concerning the listing of perpetual contracts.
Commission Staff Confirms the Categorization of Certain Crypto Asset Perpetuals as Foreign Futures and Issues No-Action Letter Regarding FCM Transfers of Customer Crypto Assets to Foreign Brokers
May 29, 2026
The Market Participants Division of the Commodity Futures Trading Commission announced it has issued an interpretation and a no-action position in response to a request from Coinbase Financial Markets, a registered futures commission merchant.
CFTC Staff Issues Advisory on 24/7 Trading, Clearing and Settlement
May 29, 2026
The Commodity Futures Trading Commission’s Division of Clearing and Risk, Division of Market Oversight and Market Participants Division issued a staff advisory regarding 24/7 trading, clearing and settlement.
CFTC Approves BTCPERP Contract Submitted by KalshiEX
May 29, 2026
The Commodity Futures Trading Commission announced it has issued an order for approval to KalshiEX, a designated contract market, for the listing of the BTCPERP Contract, a perpetual contract that references the spot price of bitcoin, as a futures contract.
CoinDesk Op-Ed: ‘What American Crypto Asset Perpetuals Mean for the Future of Crypto’
May 29, 2026
Commodity Futures Trading Commission Chair Michael S. Selig published an op-ed in CoinDesk titled “What American Crypto Asset Perpetuals Mean for the Future of Crypto.”
Bank Policy Institute
The Bank of England’s Updated Assessment of Optimal Bank Capital
May 29, 2026
The Bank Policy Institute published a blog post titled “The Bank of England’s Updated Assessment of Optimal Bank Capital.”
BPI and European University Institute Conference Explores the Evolving Landscape of Bank Supervision and Regulation
May 29, 2026
The European University Institute, in collaboration with the Bank Policy Institute, held a research conference on May 18 that brought together academics, policymakers and market participants to examine the evolving landscape of bank supervision and regulation.
International
Bank of England
Working Paper: ‘Are the effects of quantitative easing and tightening state contingent?’
May 29, 2026
The Bank of England published a staff working paper titled “Are the effects of quantitative easing and tightening state contingent?”
Speech: ‘Remaining anchored: Monetary Policy in an unpredictable world’
May 29, 2026
Bank of England Gov. Andrew Bailey gave a speech titled “Remaining anchored: Monetary Policy in an unpredictable world,” at the Reykjavík Economic Conference 2026 in Iceland.
Financial Conduct Authority
Update: Regulating ‘Buy Now Pay Later’
May 29, 2026
The Financial Conduct Authority updated its guidance regarding the regulation of deferred payment credit, often known as buy now pay later. The authority will start regulating DPC on July 15.
Policy Statement: ‘Retail Banking Business Models Data (R2B2)’
May 29, 2026
The Financial Conduct Authority released a policy statement titled “Retail Banking Models Data (R2B2).”
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 – SCOTUS hearing on purported termination to be held in January 21, 2026)
- Stephen Miran (sworn in September 16, 2025)
- 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 (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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