PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday, June 25, 2026
June 25, 2026
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Major Developments
Federal Reserve Board
Federal Reserve Board Releases Results of the Annual Bank Stress Test
June 24, 2026
The results of the Federal Reserve Board’s annual bank stress test confirmed that large banks are well positioned to weather a severe recession and able to continue to lend to households and businesses.
Congress
US House of Representatives
Committee on Financial Services
Hearing: ‘Future of Payments: Promoting Innovation and Fair Markets’
June 25, 2026
The House Committee on Financial Services held a hearing titled “Future of Payments: Promoting Innovation and Fair Markets.” The committee heard testimony from a number of witnesses including Paige Paridon, executive vice president and co-head of regulatory affairs, Bank Policy Institute.
- Hearing
- Committee Memorandum
- Subcommittee on Financial Institutions Chair Barr Statement
- Bank Policy Institute Vice President Paridon Testimony
Federal Agencies
US Department of the Treasury
Treasury Concludes the Artificial Intelligence Innovation Series
June 24, 2026
The Department of the Treasury’s Office of the Financial Stability Oversight Council and the Artificial Intelligence Transformation Office held the fourth and final roundtable of the AI Innovation Series on May 19.
Remarks by Secretary Bessent Before the American Academy of Achievement’s International Achievement Summit
June 24, 2026
Secretary of the Treasury Scott Bessent gave remarks before the American Academy of Achievement’s International Achievement Summit.
Remarks From Secretary Bessent at the Economic Club of New York’s America 250 Gala Dinner: American Economic Statecraft in the 21st Century
June 23, 2026
Secretary of the Treasury Scott Bessent gave remarks on the principles of U.S. economic statecraft in the 21st century at the Economic Club of New York’s America 250 Gala Dinner.
Working Paper: ‘Sequence-Space Jacobians of Life-Cycle Models’
June 24, 2026
The Federal Reserve Board published a working paper titled “Sequence-Space Jacobians of Life-Cycle Models.”
Working Paper: ‘An Evaluation of Difference-in-Differences Methods Using Placebo Event Studies’
June 24, 2026
The Federal Reserve Board published a working paper titled “An Evaluation of Difference-in-Differences Methods Using Placebo Event Studies.”
Remarks at the State of Small Business Symposium
June 24, 2026
Federal Reserve Board Gov. Lisa D. Cook gave welcome remarks at the State of Small Business Symposium hosted by the Federal Reserve Bank of Cleveland.
Federal Reserve Bank of New York
Article: ‘Navigating the Complex Landscape of Cyber Risk to Financial Stability’
June 24, 2026
The Federal Reserve Bank of New York published a The Teller Window article titled “Navigating the Complex Landscape of Cyber Risk to Financial Stability.”
Blog: ‘The Post‑COVID Decline in the Labor Share’
June 24, 2026
The Federal Reserve Bank of New York published a Liberty Street Economics blog post titled “The Post‑COVID Decline in the Labor Share.”
Presentation: ‘Economic Conditions in the Second District’
June 24, 2026
Economic Policy Advisor Joelle Scally gave a presentation at the New York Fed Regional and Community Banking Conference at the Federal Reserve Bank of New York.
Consumer Financial Protection Bureau
CFPB Updates to Consumer Complaint System
June 24, 2026
The Consumer Financial Protection Bureau has made updates and changes to the consumer complaint portal.
National Credit Union Administration
NCUA Board Briefed on Regulatory Updates, the Share Insurance Fund and the Mid-Year Budget
June 24, 2026
The National Credit Union Administration held a board meeting during which it was briefed on NCUA’s ongoing regulatory activities, the Share Insurance Fund and a mid-year budget update.
Ginnie Mae
Global Markets Analysis Report — May 2026
June 24, 2026
Ginnie Mae released the Global Markets Analysis Report for May 2026.
International
European Commission
European Commission Adopts Tax Simplification Package
June 23, 2026
The European Commission adopted a tax package designed to simplify EU tax rules and reduce compliance burdens for businesses.
Bank of England
Speech: ‘Running on Empty: Climate Risks and the Fragility of Global Energy and Food Supply Chains’
June 24, 2026
Monetary Policy Committee Member Swati Dhingra gave a speech titled “Running on empty: Climate risks and the fragility of global energy and food supply chains” at the World Resources Institute in London.
Financial Conduct Authority
Speech: ‘Rethinking Regulation for the Age of AI’
June 24, 2026
Financial Conduct Authority Chief Executive Nikhil Rathi gave a speech titled “Rethinking regulation for the age of AI” at techUK's Agents of Change: Generative and Agentic AI in Financial Services 2026 summit.
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)
- 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 (effective December 22, 2025)
Consumer Financial Protection Bureau – Russel Vought (Acting Director effective February 10, 2025); Nominee Brian Johnson (nominated June 10, 2026)
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
Contributors
Practice Areas
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