PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday, May 21, 2026
May 21, 2026
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Major Developments
Federal Reserve Board
Federal Reserve Board Requests Public Comment on a Proposal to Establish a ‘Payment Account’
May 20, 2026
The Federal Reserve Board is requesting public comment on a proposal to establish a “payment account,” which legally eligible financial institutions could use for the specific purpose of clearing and settling their payments.
- Board Memo
- Proposed Payment Account Standard Terms
- Proposed Revisions
- Press Release
- Governor Barr Statement
- Governor Cook Statement
Congress
US House of Representatives
Committee on Financial Services
Hearing: ‘Partnering for Innovation: How Bank-Fintech Collaborations Enhance Financial Infrastructure’
May 20, 2026
The House Committee on Financial Services Subcommittee on Digital Assets, Financial Technology and Artificial Intelligence held a hearing titled “Partnering for Innovation: How Bank-Fintech Collaborations Enhance Financial Infrastructure.”
Hearing: ‘From Order to Execution: Ensuring Efficient and Transparent Equity Markets’
May 20, 2026
The House Committee on Financial Services Subcommittee on Capital Markets held a hearing titled “From Order to Execution: Ensuring Efficient and Transparent Equity Markets.”
Federal Agencies
US Department of the Treasury
Remarks: ‘The Life Within Reach, and the Life You Choose to Live’
May 20, 2026
Secretary of the Treasury Scott Bessent gave remarks titled “The Life Within Reach, and the Life You Choose to Live” at The Brunswick School commencement.
Federal Reserve Board
Minutes of the Federal Open Market Committee, April 28-29
May 20, 2026
The Federal Reserve Board released the minutes of the Federal Open Market Committee meeting held April 28-29.
Speech: ‘Measuring Financial Health’
May 20, 2026
Federal Reserve Board Gov. Michael S. Barr gave a speech titled “Measuring Financial Health” at the EMERGE Financial Health 2026 “Scaling Progress, Shaping the Future” conference in Atlanta, Georgia.
Federal Reserve Bank of New York
Blog: ‘AI’s Macroeconomic Challenges and Promises’
May 20, 2026
The Federal Reserve Bank of New York published a Liberty Street Economics blog post titled “AI’s Macroeconomic Challenges and Promises.”
Securities and Exchange Commission
Statement on Novel Exchange-Traded Funds
May 20, 2026
Securities and Exchange Commission Chair Paul S. Atkins issued a statement on novel exchange-traded funds (ETFs).
International
Financial Conduct Authority
FCA Opens Doors to Support Fast-Growing Financial Firms
May 20, 2026
The Financial Conduct Authority announced that fast‑growing and innovative financial services businesses can now apply for more support to help them grow.
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 – May 15, 2026); Kevin Warsh (confirmed May 13, 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 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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