Insights

PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Thursday, October 15, 2026

October 15, 2026

Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe

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Major Developments

Office of the Comptroller of the Currency

OCC Issues Supervisory Review of Debanking Activities

October 14, 2026

The Office of the Comptroller of the Currency (OCC) released a report of its findings from a review of debanking activities at the nine largest national banks it supervises.

Consumer Financial Protection Bureau

CFPB Announces New Initiative to Address OCC-Uncovered Debanking by Large Banks

October 14, 2026

The Consumer Financial Protection Bureau (CFPB) announced efforts to address the debanking of businesses and individuals on the basis of their constitutionally protected rights.

Press Release

Bank Policy Institute

BPI Statement on OCC Access to Banking Services Report

October 14, 2026

The Bank Policy Institute issued a statement regarding an OCC debanking report.

Statement

Federal Agencies

Federal Reserve Board

Paper: ‘A Macroeconomic Analysis of Household Labor Supply Responses to Large Fiscal Transfers’

October 14, 2026

The Federal Reserve Board published a paper in the Finance and Economics Discussion Series titled “A Macroeconomic Analysis of Household Labor Supply Responses to Large Fiscal Transfers.”

Federal Reserve Bank of New York

Blog: ‘Has the AI Boom Impacted the US Current Account?’

October 14, 2026

The Federal Reserve Bank of New York published a Liberty Street Economics blog post titled “Has the AI Boom Impacted the U.S. Current Account?”

Blog

Federal Reserve Bank of Boston

Report: ‘The Beige Book — First District’

The Federal Reserve Bank of Boston published the Boston (First District) Beige Book report.

Report

Speech: ‘Perspectives on the Economy and the Banking Landscape’

October 13, 2026

President and CEO of the Federal Reserve Bank of Boston Susan M. Collins gave a speech titled “Perspectives on the Economy and the Banking Landscape” at the 25th Annual Regional & Community Bankers Conference in Boston.

Speech

International

Bank of England

EBA Classifies USDC as the First Significant E-Money Token in the EU

October 14, 2026

The European Banking Authority has classified USDC, issued by Circle Internet Financial Europe SAS, as a significant e-money token under the Markets in Crypto Assets Regulation, following its assessment of the criteria set out in the regulation.

Press Release

Bank of England Prudential Regulation Authority

Guidance: ‘High Loan to Income Lending’

October 14, 2025

The Bank of England Prudential Regulation Authority issued guidance on high loan to income lending.

UK Financial Conduct Authority

New Guidance: ‘The Financial Policy Committee’s Recommendation on Loan to Income Ratios in Mortgage Lending’

October 14, 2026

The Financial Conduct Authority has replaced its guidance on the Financial Policy Committee's loan-to-income flow limit recommendation.

Administration Changes

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)
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)
Acting Director Mark Paoletta (Acting 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 – Mark Paoletta (Acting Director effective August 1, 2026); Nominee Brian Johnson (nominated June 10, 2026 – nomination hearing July 24, 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