PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday, July 10, 2026
July 10, 2026
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Federal Reserve Board
Federal Reserve Announces the Leadership and Objectives of Its Task Forces to Advance the Conduct of Monetary Policy
July 9, 2026
The Federal Reserve announced the leadership and objectives of its task forces to advance the conduct of monetary policy.
Guidance Clarifying Fraud-Related Information Sharing Under Section 314(b) of the USA PATRIOT Act
July 9, 2026
The Federal Reserve Board released a supervision and regulation letter with guidance clarifying fraud-related information sharing under Section 314(b) of the USA PATRIOT Act.
Federal Reserve Bank of New York
Blog: ‘Effect of Tariffs on US Small Businesses’
July 9, 2026
The Federal Reserve Bank of New York published a Liberty Street Economics blog post titled “Effect of Tariffs on U.S. Small Businesses.”
Speech: ‘Repo Market Structure and Monetary Policy Implementation’
July 9, 2026
Federal Reserve Bank of New York System Open Market Account Manager Roberto Perli gave a speech titled “Repo Market Structure and Monetary Policy Implementation” at the Future of Market Liquidity and Functioning Workshop at the Federal Reserve Bank of New York in New York City.
Federal Reserve Bank of Boston
Article: ‘Why Are the “Underbanked” Paying More for Financial Services?’
July 9, 2026
The Federal Reserve Bank of Boston published an article titled “Why are the ‘underbanked’ paying more for financial services?”
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency
Agencies Encourage Voluntary Information Sharing Under 314(b) of the USA PATRIOT Act
July 9, 2026
The Federal Deposit Insurance Corporation released a financial institution letter and the OCC released a bulletin encouraging financial institutions to voluntarily share information under Section 314(b) of the USA PATRIOT Act.
Securities and Exchange Commission
SEC to Host Virtual Roundtable on Modernizing IPOs and Expanding Access to Public Markets
July 9, 2026
The Securities and Exchange Commission’s Office of the Advocate for Small Business Capital Formation and the Division of Corporation Finance will co-host a livestreamed discussion on July 13 at 2:00 p.m. to re-examine the IPO process and reassess the framework for how companies of all sizes access public capital.
Chairman’s Speech: ‘Remarks at the Society for Corporate Governance Conference’
July 9, 2026
SEC Chair Paul S. Atkins gave remarks at the Society for Corporate Governance Conference.
Commodity Futures Trading Commission
CFTC to Stay Self-Certified Contract on 24/7 Trading for Crude Oil Futures
July 9, 2026
The Commodity Futures Trading Commission will exercise its authority to stay the listing of a contract that would have allowed the Chicago Mercantile Exchange to initiate 24/7 trading on crude oil futures as soon as July 10.
International
European Commission
Europe's Innovation Performance Strengthens Amidst Global Competition
July 8, 2026
The European Commission released its 2026 European Innovation Scoreboard.
European Banking Authority
The EBA Releases the Final Technical Package for Its 4.3 Reporting Framework to Support Third-Country Branches Reporting and AML Authority Risk Assessment Data Collection
July 9, 2026
The European Banking Authority published the final technical package for version 4.3 of its reporting framework.
Financial Conduct Authority
FCA Cracks Down on Illegal Promotions and Market Abuse in First Year of New Strategy
July 9, 2026
The Financial Conduct Authority published its annual report to show the authority led an international crackdown on illegal finfluencer promotions —– resulting in three arrests and 650 social media takedown requests. It also secured a combined 11 years in prison for two cases of insider dealing in the first year of its five-year strategy.
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)
- 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 (effective December 22, 2025)
Consumer Financial Protection Bureau – Russel Vought (Acting Director effective February 10, 2025); Nominee Brian Johnson (nominated June 10, 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
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