Daily Financial Regulation Update -- Thursday, April 30, 2026

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Federal Agencies

Federal Reserve Board

Fed Holds Interest Rates Steady

April 29, 2026

The Federal Reserve Board issued a Federal Open Market Committee statement announcing that it will maintain the target range for the federal funds rate at 3.5% to 3.75%.

• Implementation Note
• Statement

 

Commodity Futures Trading Commission

CFTC Announces Director of Whistleblower Office

April 29, 2026

The Commodity Futures Trading Commission announced that Raagnee Beri has been named director of the Whistleblower Office.

• Press Release

 

Bank Policy Institute

BPI President Testifies at Basel Hearing

April 28, 2026

Bank Policy Institute President and CEO Greg Baer testified at a House Financial Services hearing titled “Prioritizing Main Street: Evaluating the Impact of Capital Proposals on Economic Growth and American Communities.”

• 5 Takeaways From Greg Baer’s Testimony on the Basel Capital Proposal
• Press Release

 

International

European Banking Authority

EBA Publishes Final Guidelines on Supervisory Independence

April 29, 2026

The European Banking Authority (EBA) published its final guidelines on supervisory independence under the Capital Requirements Directive.

• Final Report on Guidelines on Supervisory Independence
• Press Release

 

EBA Streamlines Guidelines on Connected Clients to Align With New EU Legislation

April 29, 2026

The EBA announced it will partially delete sections of its guidelines on connected clients, following the entry into force of new, directly applicable EU legislation.

• Decision on Guidelines on Connected Clients
• Consolidated EBA Guidelines on Connected Clients
• Press Release

 

Bank of England

Speech: ‘Innovation and Resilience in the BPA Sector’

April 29, 2026

Bank of England’s Executive Director of Insurance Supervision Gareth Truran gave a speech titled “Innovation and Resilience in the BPA Sector” at the 23rd Westminster and City Annual Bulk Annuities Conference.

• Speech

 

Bank of England Prudential Regulation Authority

PRA Publishes Plans to Support Resilience in Life Insurance Industry

April 29, 2026

Funded reinsurance transactions involving U.K. life insurers will face enhanced regulatory requirements under new proposals unveiled by the Prudential Regulation Authority (PRA).

• Consultation Paper
• Press Release

 

PRA Publishes ‘Standard Cost Model’

April 29, 2026

The PRA published a technical note titled “The PRA’s Standard Cost Model.”

• Statement of Policy
• Technical Note

 

Financial Conduct Authority

FCA Reviewing Whether APRs Support Consumers’ Choices

April 29, 2026

The Financial Conduct Authority is reviewing whether annual percentage rates (APRs) help consumers understand borrowing costs and is seeking views on whether it should change how APRs are communicated in credit advertising.

• Consultation and discussion papers
• Press Release

 

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