PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday, April 16, 2026
April 16, 2026
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Congress
U.S. House of Representatives
Committee on Financial Services
Capital Markets Subcommittee Examines Policies to Combat Financial Fraud
April 15, 2026
The House Financial Services Subcommittee on Capital Markets held a hearing titled “Safeguarding Main Street: Combatting Fraud and Exploitation in Our Capital Markets” to examine measures to strengthen protections for Americans against financial fraud and scams.
Federal Agencies
U.S. Department of the Treasury
Treasury International Capital Data — February 2026
April 15, 2026
The U.S. Department of the Treasury released Treasury International Capital data for February 2026.
Secretary Bessent Issues IMFC-DC Statement
April 15, 2026
Secretary of the Treasury Scott Bessent issued a statement on the Spring Meetings of the International Monetary Fund and World Bank.
Federal Reserve Board
Beige Book — April 2026
April 15, 2026
The Federal Reserve System released the Beige Book for April 2026.
Federal Reserve Bank of New York
Empire State Manufacturing Survey — April 2026
April 15, 2026
The Federal Reserve Bank of New York released the April 2026 Empire State Manufacturing Survey.
Blog: ‘The R*–Labor Share Nexus’
April 15, 2026
The Federal Reserve Bank of New York published a Liberty Street Economics blog post titled “The R*–Labor Share Nexus.”
Conference of State Bank Supervisors
CSBS Community Bank Case Study Competition Begins
April 15, 2026
Judging has begun for the Conference of State Bank Supervisors 2026 Community Bank Case Study Competition.
Federal Deposit Insurance Corporation
FDIC Releases Q4 2025 State Profiles
April 15, 2026
The Federal Deposit Insurance Corporation released the Q4 2025 State Profiles.
Securities and Exchange Commission
SEC Approves Exemptive Order and Proposed Rule Change to Permit Customer Cross-Margining in US Treasury Market
April 15, 2026
The Securities and Exchange Commission issued a conditional exemptive order that permits customer cross-margining of cash market positions in U.S. Treasury securities cleared by a registered clearing agency and futures positions in U.S. Treasury securities cleared by a registered derivatives clearing organization.
Commodity Futures Trading Commission
CFTC Approves Order to Further Strengthen US Treasury Market Liquidity
April 15, 2026
The Commodity Futures Trading Commission approved an order to grant a limited exemption necessary for the Chicago Mercantile Exchange and the Fixed Income Clearing Corporation to make their existing cross-margining arrangement available to certain customers with appropriate safeguards.
Financial Crimes Enforcement Network
FinCEN’s Rapid Response Program Interdicts Nearly $2 Billion on Behalf of US Cyber-Enabled Fraud Victims
April 15, 2026
The Financial Crimes Enforcement Network’s (FinCEN) Rapid Response Program has facilitated the interdiction of over $268 million in stolen funds on behalf of U.S. victims, bringing the total to more than $1.8 billion since the program’s inception.
Freddie Mac
Freddie Mac Multifamily Announces Launch of Integrated Conventional Small Product for Loans Under $10 Million
April 15, 2026
Freddie Mac Multifamily announced the availability of an integrated, streamlined Conventional Small lending product under its core conventional lending platform.
U.S. Department of Labor
Department of Labor: Proxy Advisors May Be Investment Advice Fiduciaries
April 15, 2026
The U.S. Department of Labor’s Employee Benefits Security Administration has issued first-of-its-kind guidance stating that proxy advisory firms commonly engage in business practices that meet the test for being investment advice fiduciaries.
Department of Labor Issues Field Assistance Bulletin Updating Enforcement Priorities for Employee Benefits Laws
April 15, 2026
The U.S. Department of Labor’s Employee Benefits Security Administration issued Field Assistance Bulletin 2026-01 to clarify its enforcement priorities and guiding principles.
Bank Policy Institute
Blog: ‘The Fed’s New Global Market Shock Methodology: Consistent, Coherent, But Containing One Fatal (But Correctible) Flaw’
April 15, 2026
The Bank Policy Institute published a blog post titled “The Fed’s New Global Market Shock Methodology: Consistent, Coherent, But Containing One Fatal (But Correctible) Flaw.”
International
Financial Conduct Authority
FCA Consults on Guidance on UK’s Future Crypto Regime
April 15, 2026
The Financial Conduct Authority is consulting on new guidance to help firms understand how they might be affected by the regulatory regime for crypto assets that will be regulated in the U.K. from October 2027.
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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