Insights

PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Friday, August 28, 2026

August 28, 2026

By Lawrence D. Kaplan,Jason Shafer and Kris Knabe

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Major Developments

Federal Deposit Insurance Corporation

Office of the Comptroller of the Currency

Agencies Issue Final Rule to Prioritize Material Financial Risks

August 27, 2026

The Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation issued a final rule that continues their effort to focus examiners’ and institutions’ attention on material financial risks and compliance with banking and banking-related laws and regulations.

OCC Acts to Improve Transparency and Consistency in Bank Enforcement and Supervisory Standards

August 27, 2026

The Office of the Comptroller of the Currency announced actions to focus supervisory attention on the most significant risks and violations and to provide banks with greater clarity, consistency and certainty in how matters requiring attention (MRA) and enforcement actions are issued.

Federal Agencies

Federal Deposit Insurance Corporation

FDIC Board of Directors Approves Interim Final Rule Regarding Reciprocal Deposits

August 27, 2026

The Federal Deposit Insurance Corporation Board of Directors approved an interim final rule to implement Section 902 of the 21st Century ROAD to Housing Act, which amended the statutory framework governing reciprocal deposits.

Securities and Exchange Commission

Investor Alert: ‘Scammers Using SEC Exempt Reporting Adviser Filings to Look Legitimate’

August 27, 2026

The Securities and Exchange Commission’s Office of Investor Education and Assistance warns investors that scammers are using the SEC’s exempt reporting adviser (ERA) filings to create a false impression of legitimacy and to lure investors into scams, including advance fee fraud.

Investor Alert

Consumer Financial Protection Bureau

OIG Report: ‘Impacts of Certain CFPB Workforce and Contract Actions on Agency Operations’

August 26, 2026

The Office of Inspector General of the Consumer Financial Protection Bureau published a report titled “Impacts of Certain CFPB Workforce and Contract Actions on Agency Operations.”

International

European Banking Authority

The EBA Responds to the European Parliament’s Observations in the 2024 Discharge Report

August 27, 2026

The European Banking Authority published an opinion in response to the observations made by European Parliament in its 2024 discharge report covering all agencies, including the EBA.

Bank of England

Capital Issuance — July

August 27, 2026

The Bank of England released the capital issuance statistics for July 2026.

Statistics

UK Financial Conduct Authority

Young Investors Trust AI More Than TV or Celebrities

August 27, 2026

The Financial Conduct Authority reported on new research focused on 18- to 40-year-olds who own or are considering investments, which showed that 56% trust AI tools, a higher percentage than TV and radio (47%), press (46%) or social media influencers (29%).

Press Release

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