Daily Financial Regulation Update -- Wednesday, March 4, 2026

Subscribe to PH FedACTion: Financial Regulatory Updates
Subscribe to the PHFintech: Crypto Policy Tracker

 

Congress

U.S. Senate

Committee on Banking, Housing and Urban Affairs

Chairman Scott, Ranking Member Warren Release 21st Century ROAD to Housing Act Text

March 2, 2026

Senate Banking Committee Chairman Tim Scott and Ranking Member Elizabeth Warren have released updated bill text and section by section for the 21st Century ROAD to Housing Act.

• Bill Text
• Section by Section
• Press Release
• Fact Sheet

 

Federal Agencies

U.S. Department of the Treasury

Remarks: ‘A Reset on Liquidity Regulation’

March 3, 2026

Secretary of the Treasury Scott Bessent prepared remarks titled “A Reset on Liquidity Regulation” that were delivered by Under Secretary for Domestic Finance Jonathan McKernan at The Roundtable on Liquidity and Lender of Last Resort in Washington, D.C. The Roundtable was sponsored by the Committee on Capital Markets Regulation.

• Remarks

 

Federal Reserve Board

Speech: ‘Liquidity Resiliency, Financial Stability, and the Role of the Federal Reserve’

March 3, 2026

Federal Reserve Board Chair for Supervision Michelle W. Bowman gave a speech titled “Liquidity Resiliency, Financial Stability, and the Role of the Federal Reserve” at The Roundtable on Liquidity and Lender of Last Resort in Washington, D.C.

• Speech

 

Working Paper: ‘The Effects of the War on Ukraine on Global Corporate Investment’

March 3, 2026

The Federal Reserve Board published a working paper titled “The Effects of the War on Ukraine on Global Corporate Investment.”

• Paper

 

Working Paper: ‘The Practice of US Monetary Policy Independence from Martin to Greenspan’

March 3, 2026

The Federal Reserve Board published a working paper titled “The Practice of U.S. Monetary Policy Independence from Martin to Greenspan.”

• Paper

 

Federal Reserve Bank of New York

Speech: ‘Two Sides of a Coin’

March 3, 2026

Federal Reserve Bank of New York President and CEO John C. Williams gave a speech titled “Two Sides of a Coin” at the America’s Credit Unions Governmental Affairs Conference 2026 in Washington, D.C.

• Speech
• Key Takeaways

 

Conference of State Bank Supervisors

Speech: ‘Building a Durable Bank Supervisory Framework’

March 3, 2026

Conference of State Bank Supervisors President and CEO Brandon Milhorn gave a speech titled, “Building a Durable Bank Supervisory Framework” at the Carolina Bank Directors Forum in Charlotte, North Carolina.

• Speech

 

Office of the Comptroller of the Currency

Community Bank Licensing Amendments: Final Rule

March 3, 2026

The Office of the Comptroller of the Currency (OCC) issued a final rule amending its regulations to simplify licensing requirements for corporate activities and transactions involving national banks and federal savings associations that have less than $30 billion in total assets and satisfy certain conditions.

• Final Rule 
• Bulletin

 

OCC to Rescind 12 CFR 27, ‘Fair Housing Home Loan Data System’

March 3, 2026

The OCC is issuing a final rule rescinding 12 CFR 27, “Fair Housing Home Loan Data System.”

• Final Rule 
• Bulletin

 

Bank Policy Institute

Comment Letter: OCC Should Rescind ‘Heightened Standards’ Guidelines

March 3, 2026

The Bank Policy Institute and American Association of Bank Directors filed a comment letter with the OCC stating that the agency should rescind its “heightened standards” guidelines, which they argue focus on process and paperwork over substance and divert bank and examiner attention away from material risks.

• Comment Letter
• Press Release

 

International

Financial Conduct Authority

OPBAS Identifies Improvement Areas for Anti-Money Laundering Supervisors

March 3, 2026

The Financial Conduct Authority’s Office for Professional Body Anti-Money Laundering Supervision issued a report finding that professional body supervisors can still do more to encourage firms to meet minimum standards.

• Report
• Press Release

 

Review of UK Listing Rules for Investment Entities

March 3, 2026

The Financial Conduct Authority is reviewing aspects of the UK Listing Rules to consider how they apply to specific types of investment entities.

• Statement

 

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

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