Insights

PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Thursday, October 22, 2026

October 22, 2026

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

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Major Developments

OCC Finalizes Regulations Implementing the GENIUS Act

October 21, 2026

The Office of the Comptroller of the Currency (OCC) issued a final rule to implement the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act regarding the issuance of payment stablecoins and certain related activities by entities subject to the OCC’s jurisdiction. The final rule applies to national banks, federal savings associations, federal branches and their subsidiaries, foreign payment stablecoin issuers, nonbank entities that seek to be or are approved as federal qualified payment stablecoin issuers and certain state qualified payment stablecoin issuers. The final rule addresses all of the regulations the OCC is required to promulgate under the GENIUS Act other than those related to the Bank Secrecy Act, anti-money laundering and Office of Foreign Assets Control sanctions, which will be addressed in a separate rulemaking in coordination with the Department of the Treasury. The final rule will be effective on Jan. 18, 2027.

GENIUS Act: Revised Reporting Forms and Instructions for Permitted Payment Stablecoin Issuers Subject to the Jurisdiction of the OCC

October 21, 2026

The Office of the Comptroller of the Currency (OCC) finalized a new information collection that includes weekly and quarterly reporting forms that must be completed by permitted payment stablecoin issuers and foreign payment stablecoin issuers registered with the OCC under the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. These reporting forms were first proposed in June 2026. The OCC is publishing a revised set of weekly and quarterly reporting forms for public comment. Comments are requested on these forms within 30 days of publication of the information collection in the Federal Register.

Bulletin: ‘GENIUS Act: Waivers and Application Submission Guidance’

October 21, 2026

The Office of the Comptroller of the Currency issued a bulletin to clarify the process for filing applications and requesting waivers under the GENIUS Act.

OCC Bulletin 2026-51

Federal Agencies

Federal Reserve Bank of Boston

Brief: ‘How Closely Do Public and Private Labor Market Data Align for New England Compared with the Nation?’

October 21, 2026

The New England Public Policy Center at the Federal Reserve Bank of Boston published a paper on the use of private labor market data for research and policy work.

Brief

FINRA

FINRA Amends Its Corporate Financing Rules

October 21, 2026

FINRA has amended Rules 5110 (Corporate Financing Rule — Underwriting Terms and Arrangements) and 5123 (Private Placements of Securities) to make substantive, organizational and terminology changes to the rules. These amendments simplify and clarify rule provisions while maintaining important protections for market participants, including issuers and investors participating in public offerings.

International

European Commission

Speech: ‘Cutting Costs and Unnecessary Reporting Obligations Now — Concrete Next Steps to Deliver Swift Relief for EU’s Entrepreneurs’

October 20, 2026

Commissioner Piotr Serafin made opening remarks at the European Parliament plenary debate in Strasbourg on Oct. 20.

Speech

UK Financial Conduct Authority

Cryptoasset Perimeter Guidance

October 21, 2026

The FCA is consulting on guidance to explain how recent legislative changes affect the U.K.'s cryptoasset regulatory perimeter. The draft Cryptoassets (Miscellaneous Amendments) Regulations 2026 introduces new exclusions from some of the regulated cryptoasset activities.

Decentralized Finance Guidance

October 21, 2026

The FCA is consulting on non-Handbook guidance to help firms providing financial services using decentralized finance (DeFi) comply with FCA rules on operational resilience and financial crime and with the Money Laundering Regulations (MLRs).

Speech: ‘Reshaping Regulation, Deliberately’

October 21, 2026

FCA Deputy Chief Executive Sarah Pritchard gave a speech on the future of financial regulation at the Investment Association Annual Dinner on Oct. 20.

Speech

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