PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Tuesday, July 28, 2026
July 28, 2026
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Federal Agencies
US Department of the Treasury
Remarks by Secretary Bessent Before the Financial Literacy and Education Commission
July 27, 2026
Secretary of the Treasury Scott Bessent gave remarks before the Financial Literacy and Education Commission.
Office of the Comptroller of the Currency
Comptroller Gould Highlights OCC’s Financial Literacy Efforts at Financial Literacy and Education Commission Meeting
July 27, 2026
Comptroller of the Currency Jonathan V. Gould highlighted the OCC’s efforts to expand financial literacy, support responsible innovation and provide consumers with practical educational resources in remarks at the Financial Literacy and Education Commission meeting.
Securities and Exchange Commission
Small Business Forum’s Report to Congress Highlights Recommendations to Improve Capital-Raising Policy
July 27, 2026
The Securities and Exchange Commission released a report to Congress highlighting policy recommendations from the SEC’s 45th Annual Government-Business Forum on Small Business Capital Formation.
Financial Crimes Enforcement Network
FinCEN Issues Statement of Enforcement Policy in Support of Venezuela’s Economic Recovery and Earthquake Relief Efforts
July 27, 2026
The US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a statement of enforcement policy in support of economic recovery and earthquake relief efforts in Venezuela.
FINRA
FINRA Requests Comment on Modernizing FINRA’s Best Execution Guidance
July 27, 2026
FINRA released a regulatory notice requesting comment on how FINRA can modernize its best execution guidance to facilitate investor protection and market integrity under the existing principles-based standard and provide member firms with additional interpretive insights and approaches to structure their processes to serve their various customers.
Bank Policy Institute
BPI and The Clearing House Association Call for Coordination on OCC Stablecoin Proposal and Express Support for Supervision Standards
July 24, 2026
The Bank Policy Institute filed two comment letters today on the OCC’s proposed payment stablecoin requirements. In a joint letter with The Clearing House Association, BPI expressed general support for the OCC’s AML/CFT approach while offering policy recommendations that would promote clarity in the framework. And in a standalone letter, BPI reiterated suggestions it made to the OCC in response to its March 2026 proposal to establish requirements for stablecoin issuers under its jurisdiction.
International
Bank of England
Capital Issuance — June
July 27, 2026
The Bank of England released the capital issuance statistics for June.
Financial Conduct Authority
Release: ‘You Don't Need to Pay to Claim: FCA Launches Nationwide Car Finance Campaign’
July 27, 2026
The Financial Conduct Authority launched a national advertising campaign to help car finance consumers make a complaint for free.
Release: ‘Outcomes Monitoring: Good Practice and Areas for Improvement’
July 27, 2026
The Financial Conduct Authority released guidance on good practice and areas for improvement on monitoring consumer outcomes.
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)
- 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
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Practice Areas
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