PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Wednesday, August 12, 2026
August 12, 2026
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
Subscribe to PH FedACTion: Financial Regulatory Updates
Subscribe to the PHFintech: Crypto Policy Tracker
Major Developments
Financial Crimes Enforcement Network
FinCEN Issues Final Rule Ending Beneficial Ownership Reporting Requirements for Millions of Small Business Owners
August 11, 2026
The Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) is issuing a final rule that removes the requirement for U.S. companies and U.S. persons to report beneficial ownership information to FinCEN under the Corporate Transparency Act.
Federal Agencies
US Department of the Treasury
Treasury Announces Employer Contributions to Trump Accounts
August 11, 2026
The Department of the Treasury announced guidance addressing employer-sponsored programs for contributions to Trump Accounts, including arrangements that allow employees to make pre-tax contributions to the Trump Accounts of their dependents.
Federal Reserve Board
Working Paper: ‘CRE Development Potential and the Selection of Opportunity Zones’
August 11, 2026
The Federal Reserve Board published a working paper titled “CRE Development Potential and the Selection of Opportunity Zones.”
Federal Reserve Bank of New York
Household Debt Balances Decreased Slightly and Credit Card Delinquency Transition Rates Remained Steady
August 11, 2026
The Federal Reserve Bank of New York’s Center for Microeconomic Data issued its quarterly report on household debt and credit. The report shows total household debt decreased by $13 billion, a 0.1% decrease to $18.8 trillion in the second quarter of 2026. The New York Fed also issued an accompanying Liberty Street Economics blog post examining the current state of credit card delinquency and explaining the divergence in credit card delinquency rates measured from credit bureau and lender data.
Article: ‘Innovating to Increase Housing Supply and Affordability’
August 11, 2026
The Federal Reserve Bank of New York published a The Teller Window article titled “Innovating to Increase Housing Supply and Affordability.”
Office of the Comptroller of the Currency
OCC Commends FDIC Reform, Advances Priority to Reinvigorate De Novo Chartering
August 11, 2026
The Office of the Comptroller of the Currency continues to prioritize reinvigorating de novo chartering to build a robust, diverse banking system that supports the U.S. economy and commends the Federal Deposit Insurance Corporation for its recent efforts to do the same.
Securities and Exchange Commission
Chairman Atkins’ Letter to CAT NMS Plan Operating Committee Chair
August 11, 2026
Securities and Exchange Commission Chair Paul S. Atkins sent a letter to Robert Walley, chair of the CAT NMS Plan Operating Committee, regarding engagement with market participants on the restructuring of the Consolidated Audit Trail (CAT).
International
Bank of England
Results of the Semi-Annual FX Turnover Survey in April
August 11, 2026
The Bank of England released the results of the Semi-Annual FX Turnover survey in April 2026.
Financial Conduct Authority
Consultation Paper: ‘The Value for Money Framework: Consultation’
August 11, 2026
The Financial Conduct Authority issued a consultation paper on the Value for Money Framework.
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)
- 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
Contributors
Practice Areas
For More Information