PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Tuesday, June 23, 2026
June 23, 2026
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Federal Agencies
Federal Reserve Board
Working Paper: ‘Beyond Reserves: The Federal Reserve’s Balance Sheet and the Repo Market’
June 22, 2026
The Federal Reserve Board released a working paper titled “Beyond Reserves: The Federal Reserve’s Balance Sheet and the Repo Market.”
Working Paper: ‘New US Business Establishments: Surging or Stalling?’
June 22, 2026
The Federal Reserve Board released a working paper titled “New U.S. Business Establishments: Surging or Stalling?”
Working Paper: ‘Fiscal Policy, Portfolio Frictions and International Transmission’
June 22, 2026
The Federal Reserve Board published a working paper titled “Fiscal Policy, Portfolio Frictions and International Transmission.”
Working Paper: ‘Local Labor Market Tightness and Job Quality: Evidence From Job Changers’
June 22, 2026
The Federal Reserve Board published a working paper titled “Local Labor Market Tightness and Job Quality: Evidence From Job Changers.”
Working Paper: ‘A Static Capital Buffer Is Hard to Beat’
June 22, 2026
The Federal Reserve Board published a working paper titled “A Static Capital Buffer Is Hard to Beat.”
Welcoming Remarks on the International Role of the US Dollar
June 22, 2026
Federal Reserve Board Gov. Christopher J. Waller gave welcoming remarks at the Fifth Conference on the International Roles of the Dollar.
Federal Reserve Bank of New York
Speech: ‘Evolving Market Structure and the Desk’s Role’
June 22, 2026
Lisa Chung, head of domestic and international markets for the Federal Reserve Bank of New York, gave a speech titled “Evolving Market Structure and the Desk’s Role” at the Fifth Conference on the International Roles of the U.S. Dollar, jointly organized by the Federal Reserve Bank of New York and the Board of Governors of the Federal Reserve System in Washington, D.C.
Blog: ‘The New York Fed DSGE Model Forecast — June 2026
June 22, 2026
The Federal Reserve Bank of New York published a Liberty Street Economics blog post titled “The New York Fed DSGE Model Forecast — June 2026.”
Office of the Comptroller of the Currency
GENIUS Act: Anti-Money Laundering/Countering the Financing of Terrorism and Sanctions Compliance: Notice of Proposed Rulemaking
June 22, 2026
The Office of the Comptroller of the Currency issued a notice of proposed rulemaking to implement Bank Secrecy Act and sanctions compliance standards applicable to OCC-supervised permitted payment stablecoin issuers, as required by the Guiding and Establishing National Innovation for U.S. Stablecoins Act.
Commodity Futures Trading Commission
CFTC Seeks Public Comment on the Extension of Standard Futures Contracts to 24/7 Trading and on Perpetual Contracts Referencing Physically Delivered or Storable Energy Commodities
June 22, 2026
The Commodity Futures Trading Commission issued a request for comment seeking public input on two related developments in the energy derivatives markets: the extension of standard futures contracts to 24/7 trading and the potential listing of perpetual contracts that reference physically delivered or storable energy commodities, such as crude oil.
International
European Banking Authority
EBA Updates Pillar 3 Disclosure Requirements on ESG Risks, Equity and Shadow Banking Exposures
June 22, 2026
The European Banking Authority has published its final draft Implementing Technical Standards amending the Pillar 3 disclosure framework on environmental, social and governance risks and introducing disclosure requirements on equity and shadow banking exposures.
Latest EBA MREL Dashboard
June 22, 2026
The European Banking Authority published its latest semi-annual dashboard on the minimum requirement for own funds and eligible liabilities (MREL), providing an update on the state of resolution planning and on the resources that banks are using to meet their requirements.
Bank of England
Bank of England Launches Policy Statement and Draft Rules on Regulating Systemic Stablecoins
June 22, 2026
The Bank of England has published its policy statement and draft Code of Practice (rules) for systemic stablecoin issuers, marking a key milestone in establishing the U.K.’s stablecoin regime.
2025 CCP Global International Default Simulation: Key Findings and Observations
June 19, 2026
Bafin, the Bank of England, Bundesbank, CFTC and ESMA presented a summary of industry feedback from the 2025 CCP Global Default Simulation exercise and identified areas for consideration in the development of CCPs’ default management processes and future exercises.
Private Markets System-Wide Exploratory Scenario: Publication of the Stress Scenario
June 19, 2026
The Bank of England has launched the scenario phase of the private markets system-wide exploratory scenario.
Asset Purchase Facility: Gilt Sales — June 2026
June 19, 2026
The Bank of England released a market notice setting out the schedule for sales in Q3 of gilts held in the Asset Purchase Facility for monetary policy purposes.
Working Paper: ‘Asymmetric Information and Capital Regulation in SME Lending: A Structural Model of Bank and Non-Bank Competition’
June 19, 2026
The Bank of England published a working paper titled “Asymmetric information and capital regulation in SME lending: a structural model of bank and non-bank competition.”
Working Paper: ‘Inflation Attitudes of Large Language Models’
June 19, 2026
The Bank of England published a working paper titled “Inflation attitudes of large language models.”
Market Participants Survey results — June 2026
June 19, 2026
The Bank of England released the results of the June 2026 Market Participants Survey.
Bank of England Prudential Regulation Authority
PRA Sets Out Adjustments to Its Market Risk Internal Model Approach Under Basel 3.1
June 19, 2026
The Prudential Regulation Authority has published a consultation on the internal model approach to market risk, which represents the final piece of Basel 3.1’s implementation in the U.K.
Financial Conduct Authority
FCA Consults on Proposals to Support Strong, Consistent Standards in the SIPP Market
June 22, 2026
The Financial Conduct Authority has set out plans to drive greater consistency of standards in self-invested pensions while maintaining the flexibility and broad investment choice they offer.
Investors Get Real-Time View of UK Bond Market Activity for the First Time
June 22, 2026
The Financial Conduct Authority announced that ETS Connect U.K. launched a bond consolidated tape to provide investors and market participants access to a single, real-time source of prices and trading activity across the U.K. bond market.
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
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