Daily Financial Regulation Update -- Wednesday, April 29, 2026

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Federal Agencies

Commodity Futures Trading Commission

CFTC Sues Wisconsin to Reaffirm Exclusive Jurisdiction Over Prediction Markets

April 28, 2026

The Commodity Futures Trading Commission (CFTC) filed a lawsuit against Wisconsin in response to the state’s lawsuits against Kalshi, Polymarket, Crypto.com, Robinhood and Coinbase — five CFTC-regulated prediction markets.

• Complaint
• Press Release

 

CFTC Transitions Public Comment Submission Process to Regulations.gov

April 28, 2026

The CFTC announced that its public comment submission process has transitioned to Regulations.gov.

• Update: Comment Submission Instructions
• Press Release

 

U.S. Department of the Treasury

OFAC Targets Iran Shadow Banking Facilitators

April 28, 2026

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced that it designated 35 entities and individuals that oversee Iran’s shadow banking architecture, facilitating the movement of the equivalent of tens of billions of dollars tied to sanctions evasion and Iran’s sponsorship of terrorism.

• Press Release

 

OFAC Warns of Sanctions Risks Linked to China-Based Independent ‘Teapot’ Oil Refineries

April 28, 2026

OFAC alerted financial institutions to the sanctions risks associated with independent “teapot” oil refineries in China, primarily in Shandong Province, given their continued role in importing and refining Iranian crude oil.

• Alert
• Press Release

 

International

European Banking Authority

EBA Updates List of Correlated Currencies

April 28, 2026

The European Banking Authority (EBA) published the 2026 update of the list of closely correlated currencies that is used for calculating capital requirements for foreign exchange risk under the standardized approach.

• Updated ITS on closely correlated currencies
• Annex to the implementing technical standards
• Press Release

 

Bank of England

Speech: ‘Maintaining momentum: progress in mutual supervision’

April 28, 2026

Bank of England’s Executive Director of UK Deposit Taker Supervision Charlotte Gerken gave a speech titled “Maintaining momentum: progress in mutual supervision” at the Building Societies Association.

• Speech

 

Speech: ‘Building a banking regime for the future’

April 28, 2026

Bank of England’s Executive Director of Prudential Policy David Bailey gave a speech titled “Building a banking regime for the future” at the JPM UK Banks ALM Conference.

• Speech

 

Financial Conduct Authority

Speech: ‘Trust, tradition and the future of mutual growth’

April 28, 2026

Financial Conduit Authority Deputy Chief Executive Sarah Pritchard gave a speech titled “Trust, tradition and the future of mutual growth” at the BSA Annual Conference in Edinburgh.

• Speech

 

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)

• 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

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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