Insights

PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Friday, March 20, 2026

March 20, 2026

Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe

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Federal Reserve Board
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency

Agencies Request Comment on Proposals to Modernize Regulatory Capital Framework

March 19, 2026

The Federal Reserve Board, Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency requested comment on three proposals to modernize the regulatory capital framework for banks of all sizes, implementing the so-called BASEL III framework.

Federal Deposit Insurance Corporation

FDIC Board Rescinds Statement of Policy on Qualifications for Failed Bank Acquisitions

March 19, 2026

The Federal Deposit Insurance Corporation Board of Directors approved the rescission of a statement of policy on the qualifications for failed bank acquisitions issued in 2009 and related questions and answers issued in 2010 in a move to facilitate private equity acquisitions of failed banks.

Congress

U.S. Senate

Committee on Banking, Housing and Urban Affairs

Committee Members Send Bipartisan Letter to SEC on Risks From China-Linked Entities in US Markets

March 19, 2026

Senate Banking Committee Chairman Tim Scott (R-SC) and Ranking Member Elizabeth Warren (D-MA) were joined by several Banking Committee senators in a bipartisan letter to Securities and Exchange Commission (SEC) Chair Paul Atkins supporting the commission’s ongoing efforts to address risks to U.S. investors and markets from China-linked entities accessing U.S. capital markets.

Federal Agencies

U.S. Department of the Treasury

Treasury and Education Departments Announce Federal Student Assistance Partnership

March 19, 2026

The U.S. Department of the Treasury and the U.S. Department of Education announced the Federal Student Assistance Partnership to enhance the administration of federal student aid programs.

Securities and Exchange Commission

Announcement: Inappropriate Use of Consolidated Entities [Axis]

March 19, 2026

The SEC’s Division of Economic and Risk Analysis staff conducted an assessment on the use of Consolidated Entities [Axis] in tagging financial statements, focusing on each issuer’s last periodic report filed in 2025 whether on Form 10-Q or Form 10-K.

Announcement

Chair and Commissioner Give Remarks at SEC Speaks

March 19, 2026

SEC Chair Paul S. Atkins and Commissioner Mark T. Uyeda gave prepared remarks at SEC Speaks.

Commodity Futures Trading Commission

CFTC and MLB Sign Groundbreaking MOU

March 19, 2026

The Commodity Futures Trading Commission and Major League Baseball announced the signing of a memorandum of understanding.

U.S. Small Business Administration

OIG Report: ‘SBA’s Awarding and Oversight of Small Business Investment Company Licenses’

March 19, 2026

The Office of the Inspector General of the U.S. Small Business Administration published a report titled “SBA’s Awarding and Oversight of Small Business Investment Company Licenses.”

Report

Ginnie Mae

Ginnie Mae Global Markets Analysis Report — February 2026

March 19, 2026

Ginnie Mae released the Ginnie Mae Global Markets Analysis Report for February 2026.

Report

U.S. Department of Labor

US Department of Labor Restores Investment Advice Rule After Court Decisions

March 19, 2026

The U.S. Department of Labor’s Employee Benefits Security Administration removed from the Code of Federal Regulations the 2024 final rule, “Retirement Security Rule: Definition of an Investment Advice Fiduciary,” responding to final judgments entered in the Northern and Eastern Districts of Texas vacating the rule.

International

European Banking Authority

EBA Publishes Final Draft Shortening Application Timeframe to Reduce Own Funds and Eligible Liabilities Instruments

March 19, 2026

The European Banking Authority published its final draft amending Regulatory Technical Standards on own funds and eligible liabilities, shortening the timeframe for competent and resolution authorities to process institution’s applications to reduce own funds and eligible liabilities instruments from four to three months.

Bank of England

Monetary Policy Committee Maintains Bank Rate at 3.75%

March 19, 2026

At its meeting ending on March 18, the Monetary Policy Committee (MPC) voted unanimously to maintain the Bank Rate at 3.75%.

Agents’ Summary of Business Conditions — March 2026

March 19, 2026

The Bank of England released the agents’ summary of business conditions for March 2026.

Summary

Financial Conduct Authority

Guidance: ‘Payment Services and Electronic Money – Our Approach’

March 19, 2026

The Financial Conduct Authority updated guidance on its approach to payment services and electronic money.

Guidance

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