PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday, June 18, 2026
June 18, 2026
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Congress
US House of Representatives
Committee on Financial Services
Representatives Urge FinCEN to Modernize AML Rules and Prioritize High-Risk Financial Crimes
June 17, 2026
House Committee on Financial Services Chairman French Hill (R-Ark.) and Subcommittee on National Security, Illicit Finance and International Financial Institutions Chairman Warren Davidson (R-Ohio) recently sent a letter to Andrea Gacki, director of the Financial Crimes Enforcement Network, urging FinCEN to finalize its Anti-Money Laundering and Countering the Financing of Terrorism rule.
Federal Agencies
Federal Reserve Board
Federal Reserve Issues FOMC Statement
June 17, 2026
The Federal Open Markets Committee released a statement announcing the committee decided to maintain the target range for the federal funds rate at 3 ½% to 3 ¾% in support of the Federal Reserve’s dual mandate.
Federal Reserve Board and FOMC Release Economic Projections
June 17, 2026
The Federal Reserve Board and Federal Open Market Committee released economic projections made by FOMC participants in conjunction with the June 16-17 meeting.
Securities and Exchange Commission
Commissioner’s Remarks to the US-CEE Connection: ‘Transatlantic Challenges in Law, Business & Policy’
June 17, 2026
Securities and Exchange Commissioner Mark T. Uyeda gave remarks to the US-CEE Connection titled “Transatlantic Challenges in Law, Business and Policy.”
Commodity Futures Trading Commission
CFTC Staff Issues No-Action Letter for Swap Post-Trade Risk Reduction Services
June 17, 2026
The Commodity Futures Trading Commission’s Division of Clearing and Risk, Division of Market Oversight and Market Participants Division announced they have taken no-action positions related to a request from three service providers — Capitolis Partners LLC, Quantile Technologies Limited (as part of the London Stock Exchange Group plc) and TriOptima AB (as part of OSTTRA) — that offer post-trade risk reduction services for swaps in the form of portfolio rebalancing and basis risk mitigation.
FINRA
Information Notice: New Rule 605 Designated Participant Authorization Form
June 17, 2026
FINRA is introducing a new electronic Rule 605 designated participant authorization form for members to obtain unique reporter identification codes and provide hyperlinks to their Rule 605 execution quality reports.
National Credit Union Administration
NCUA Releases Q1 State-level Credit Union Data Report
June 17, 2026
The National Credit Union Administration released its first quarter state-level credit union data report for 2026.
International
Bank of England
Index-Linked Treasury Stock
June 17, 2026
The Bank of England released a statement on the 4 ⅛% Index-linked Treasury Stock 2030.
Financial Conduct Authority
Speech: ‘Beyond the Headlines: The Unseen Fight Against Financial Crime’
June 17, 2026
Financial Conduct Authority Joint Executive Director Theres Chambers gave a speech titled “Beyond the headlines: the unseen fight against financial crime” at the International Bar Association Anti-Corruption Conference.
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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