PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday, February 6, 2026
February 06, 2026
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Congress
U.S. Senate
Committee on Banking, Housing and Urban Affairs
Hearing: ‘The Financial Stability Oversight Council’s Annual Report to Congress’
February 5, 2026
The U.S. Senate Committee on Banking, Housing and Urban Affairs held a hearing titled “The Financial Stability Oversight Council’s Annual Report to Congress.” The committee heard testimony from Treasury Secretary Scott Bessent.
Federal Agencies
Federal Reserve Bank of New York
Report: ‘Interest Rate Surprises When the Fed Doesn’t Speak’
February 5, 2026
The Federal Reserve Bank of New York published a staff report titled “Interest Rate Surprises When the Fed Doesn’t Speak.”
Report: ‘Stablecoins vs. Tokenized Deposits: The Narrow Banking Debate Revisited’
February 5, 2026
The Federal Reserve Bank of New York published a staff report titled “Stablecoins vs. Tokenized Deposits: The Narrow Banking Debate Revisited.”
Report: ‘Programming Money Without Programmable Money’
February 5, 2026
The Federal Reserve Bank of New York published a staff report titled “Programming Money Without Programmable Money.”
Article: ‘The FX Market’s Evolution in Focus at the 2025 FX Market Structure Conference’
February 5, 2026
The Federal Reserve Bank of New York published a The Teller Window article titled “The FX Market’s Evolution in Focus at the 2025 FX Market Structure Conference.”
Blog: ‘Does the Phillips Curve Steepen When Costs Surge?’
February 5, 2026
The Federal Reserve Bank of New York published a Liberty Street Economic blog post titled “Does the Phillips Curve Steepen When Costs Surge?”
Securities and Exchange Commission
SEC Publishes Data on ETFs, Municipal Advisors, Transfer Agents and Security-Based Swap Dealers
February 5, 2026
The Securities and Exchange Commission’s Division of Economic and Risk Analysis published two new reports on exchange traded funds and fund mergers, and updated statistics and data visualizations on municipal advisors, transfer agents and security-based swap dealers.
Bank Policy Institute
BPI Releases Fraud and Scam Prevention Playbook and Interactive Media Hub
February 4, 2026
The Bank Policy Institute published a Fraud and Scam Prevention Playbook and “U.S. Against Fraud,” an interactive media hub, to help policymakers better understand how fraud and scams originate and what steps can be taken to address this growing problem.
International
Bank of England
Bank of England Maintains Rates at 3.75%
February 5, 2026
The Bank of England’s Monetary Policy Committee voted 5–4 to maintain Bank Rate at 3.75% at its meeting ending Feb. 4. Four members voted to reduce Bank Rate by 0.25 percentage points to 3.5%.
Agents’ Summary of Business Conditions — February 2026
February 5, 2026
The Bank of England released the Agents’ summary of business conditions for February 2026.
Monthly Decision Maker Panel Data — January 2026
February 5, 2026
The Bank of England released the Decision Maker Panel data for January 2026.
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
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