PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Monday, June 22, 2026
June 22, 2026
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Major Developments
Financial Crimes Enforcement Network
Federal Reserve Board
Federal Deposit Insurance Corporation
National Credit Union Administration
Office of the Comptroller of the Currency
Agencies Propose Rule to Implement GENIUS Act Customer Identification Program Requirement
June 18, 2026
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN), together with the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation and the National Credit Union Administration, issued a joint proposed rule to implement provisions of the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act).
- Joint Proposed Rule
- Fact Sheet
- Press Release
- Fed Governor Barr Statement
- FDIC Financial Institution Letter
Congress
US Senate
Committee on Banking, Housing and Urban Affairs
Committee on Small Business and Entrepreneurship
Hearing: ‘250 Years of Main Street: Retail to Research’
June 17, 2026
The Senate Committee on Small Business and Entrepreneurship held a hearing titled “250 Years of Main Street: Retail to Research.”
Federal Agencies
US Department of the Treasury
Treasury International Capital Data for April
June 18, 2026
The U.S. Department of the Treasury released Treasury International Capital data for April 2026.
Conference of State Bank Supervisors
Comment Letter: ‘Agencies’ Capital Proposals Much Advanced But Warrant Further Improvements’
June 18, 2026
In a comment letter to the federal banking agencies, the Conference of State Bank Supervisors recommended additional measures that they should take to provide community banks with a simplified regulatory capital framework as they revise the risk-based capital rules.
Securities and Exchange Commission
Commodity Futures Trading Commission
SEC and CFTC Seek Public Input on Data Reporting Frameworks for Security-Based Swap and Swap Markets
June 18, 2026
The Securities and Exchange Commission and Commodity Futures Trading Commission issued a joint request for public comment on potential opportunities to harmonize, modernize and streamline data reporting requirements in their regulation of the security-based swap and swap markets, respectively.
SEC and CFTC Seek Public Comment to Further Clarify and Harmonize Derivatives Product Definitions
June 18, 2026
The Securities and Exchange Commission and the Commodity Futures Trading Commission issued a joint request for public comment on potential opportunities to further update, clarify and harmonize certain derivatives product definitions and interpretive issues.
US Department of Education
Dept. of Education Announces Student Loan Interest Rate Reduction
June 18, 2026
The U.S. Department of Education announced that federal student loan borrowers enrolled in auto pay will be eligible for a 1% interest rate reduction beginning July 1.
Bank Policy Institute
Comment Letter: ‘Basel Proposal is a Step in the Right Direction’
June 18, 2026
The Bank Policy Institute, American Bankers Association, Financial Services Forum, U.S. Chamber of Commerce and Consumer Bankers Association sent a comment letter to the federal banking agencies regarding the agencies’ Basel capital proposal.
International
European Banking Authority
The EBA Publishes Its Annual Assessment of Banks’ Internal Approaches for Capital Requirements Calculation
June 18, 2026
The European Banking Authority published its 2025 reports on the annual market and credit risk benchmarking exercises, highlighting continued progress in the consistency and reliability of banks’ internal models across the EU while identifying areas for supervisory attention as key regulatory reforms approach full implementation.
Bank of England
EU/EEA Banks Remain Resilient Amid Rising Geopolitical, Market and Technological Risks
June 18, 2026
The European Banking Authority published its Spring 2026 Risk Assessment Report, Q1 2026 Risk Dashboard and Spring 2026 Risk Assessment Questionnaire results.
Bank of England Prudential Regulation Authority
Monetary Policy Committee — Bank Rate Maintained at 3.75%
June 18, 2026
At its meeting ending on June 17, the Monetary Policy Committee voted by a majority of 7–2 to maintain the Bank Rate at 3.75%. Two members voted to increase Bank Rate by 0.25 percentage points to 4%.
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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