PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday, February 19, 2026
February 19, 2026
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Federal Agencies
U.S. Department of the Treasury
Treasury Issues Interim Corporate Alternative Minimum Tax Guidance
February 18, 2026
The U.S. Department of the Treasury and the Internal Revenue Service issued additional guidance on the Corporate Alternative Minimum Tax.
Treasury Announces Public-Private Initiative to Strengthen Cybersecurity and Risk Management for AI
February 18, 2026
The Treasury announced the conclusion of a major public-private initiative to strengthen cybersecurity and risk management for artificial intelligence (AI) in the financial services sector.
Treasury International Capital Data for December
February 18, 2026
The Treasury released Treasury International Capital (TIC) data for December 2025. The next release, which will report on data for January 2026, is scheduled for March 18.
Federal Reserve Board
Minutes of the Federal Open Market Committee Meeting, Jan. 27–28
February 18, 2026
The Federal Reserve released the minutes of the Federal Open Market Committee meeting that was held on Jan. 27–28.
Working Paper: ‘Kalshi and the Rise of Macro Markets’
February 18, 2026
The Federal Reserve Board published a working paper titled “Kalshi and the Rise of Macro Markets.”
Federal Reserve Bank of New York
Business Leaders Survey — February 2026
February 18, 2026
The Federal Reserve Bank of New York published the February 2026 Business Leaders Survey.
Federal Deposit Insurance Corporation
Report: ‘Bank Lending to Nondepository Financial Institutions’
February 18, 2026
The Federal Deposit Insurance Corporation published a Banking Issues in Focus report titled “Bank Lending to Nondepository Financial Institutions.”
Securities and Exchange Commission
SEC Proposes Amendments to Reduce Burdens in Reporting of Fund Portfolio Holdings
February 18, 2026
The Securities and Exchange Commission proposed amendments to the form used by most registered investment companies to report portfolio-related information.
Commodity Futures Trading Commission
Op-Ed: ‘States Encroach on Prediction Markets’
February 17, 2026
Commodity Futures Trading Commission Chair Michael S. Selig published an op-ed titled “States Encroach on Prediction Markets.”
State Agencies
Conference of State Bank Supervisors
CSBS Chair Delivers Opening Remarks at 2026 NMLS Annual Conference and Training
February 17, 2026
Conference of State Bank Supervisors Chair and Maryland Commissioner of Financial Regulation Tony Salazar gave the opening remarks at the 2026 NMLS Annual Conference and Training.
International
European Banking Authority
EBA Issues Opinion on Draft Amended European Sustainability Reporting Standards
February 18, 2026
The European Banking Authority (EBA) published an opinion on the draft amended European Sustainability Reporting Standards developed by the European Financial Reporting Advisory Group.
EBA ESG Dashboard Update Shows Stable Climate Risk Indicators
February 18, 2026
The EBA published the latest edition of its ESG risk dashboard, integrating data up to Q2 2025.
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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