PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Wednesday, October 7, 2026
October 07, 2026
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Major Developments
Federal Reserve Board
Vice Chair Speech: ‘Modernizing the Regulatory and Supervisory Landscape’
October 6, 2026
Federal Reserve Board Vice Chair for Supervision Michelle W. Bowman gave a speech titled “Modernizing the Regulatory and Supervisory Landscape” at the 2026 Community Banking Research Conference, sponsored by the Federal Reserve System, the Conference of State Bank Supervisors and the Federal Deposit Insurance Corporation in St. Louis, Missouri.
Federal Agencies
US Department of the Treasury
Treasury Reports Progress in Preventing Fraud and Improper Payments
October 6, 2026
The Department of the Treasury and the Bureau of the Fiscal Service announced significant fiscal year 2026 results from Treasury’s efforts to prevent fraud and improper payments to better protect taxpayer dollars.
Federal Reserve Bank of New York
Blog: ‘How Fast Do Tariffs Pass Through Into Consumer Prices?’
October 6, 2026
The Federal Reserve Bank of New York published a Liberty Street Economics blog post titled “How Fast Do Tariffs Pass Through into Consumer Prices?”
Conference of State Bank Supervisors
Annual Survey of Community Banks
October 6, 2026
Emerging technologies are having a sizeable impact on community banks, according to the 2026 Conference of State Bank Supervisors’ Annual Survey of Community Banks.
International
European Commission
Commission Adopts Proposal to Accelerate Standards Development and Improve EU Competitiveness
October 5, 2026
The European Commission proposed to modernize the European standardization system to make it faster, increase the representation of small- and medium-sized enterprises, and better equip it to support the European Union’s strategic interests.
Bank of England
Minutes of the UK Money Markets Code Sub-Committee – September 2026
October 6, 2026
The Bank of England released the minutes of the UK Money Markets Code Sub-Committee meeting held Sept. 8.
UK Financial Conduct Authority
Blog: ‘Looking at How We Interact With Whistleblowers’
October 6, 2026
The Financial Conduct Authority published a blog post by General Counsel and Chief Risk Officer Stephen Braviner Roman titled “Looking at how we interact with whistleblowers.”
Administration Changes
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
