PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday, May 15, 2026
May 15, 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
Senate Banking Committee Advances Clarity Act in Bipartisan Vote
May 14, 2026
The U.S. Senate Committee on Banking, Housing and Urban Affairs held a markup to advance H.R. 3633, the Digital Asset Market Clarity Act of 2025, which advanced out of committee by a vote of 15-9 and now moves to the Senate floor.
Minority Staff Analysis: ‘National Security Advisory: Open-Source Reporting on Risks Posed by Digital Assets’
May 14, 2026
The U.S. Senate Committee on Banking, Housing and Urban Affairs minority staff released an analysis titled “National Security Advisory: Open-Source Reporting on Risks Posed by Digital Assets.”
Federal Reserve Board
Stephen I. Miran Submits His Resignation
May 14, 2026
Stephen I. Miran submitted his resignation as a member of the Federal Reserve Board, effective when or shortly before his successor on the Board is sworn in.
Federal Reserve Board Releases Results of 2 Surveys of Senior Financial Officers at Banks
May 14, 2026
The Federal Reserve Board released results from two surveys of senior financial officers at banks about their views on discount window operating days and their strategies and practices for managing reserve balances.
OIG Report: ‘The Board Can Enhance Its Physical Security Protection Measures and Protective Intelligence Capabilities’
May 14, 2026
The Office of Inspector General of the Federal Reserve Board released a report titled “The Board Can Enhance Its Physical Security Protection Measures and Protective Intelligence Capabilities.”
OIG Report: ‘The Board Should Assess Expanding Security Protection Measures’
May 14, 2026
The Office of Inspector General of the Federal Reserve Board released a report titled “The Board Should Assess Expanding Security Protection Measures.”
Opening Remarks at Future of Banking Conference
May 14, 2026
Federal Reserve Board Vice Chair for Supervision Michelle W. Bowman gave opening remarks at the “Federal Reserve Bank of Kansas City 2026 Future of Banking Conference: Powering Progress, Protecting Trust” in Kansas City, Missouri.
Federal Reserve Bank of New York
The Federal Reserve and U.S. Treasury ‘Did Not Intervene in FX Markets’
May 14, 2026
The Federal Reserve Bank of New York issued its quarterly report on Congress stating that the Federal Reserve and U.S. Treasury did not intervene in foreign exchange markets during the January – March 2026 quarter.
Article: ‘Surveys Suggest Improved Willingness by Counterparties to Use Standing Repo Operations’
May 14, 2026
The Federal Reserve Bank of New York published an article titled “Surveys Suggest Improved Willingness by Counterparties to Use Standing Repo Operations” In The Teller Window.
Blog: ‘Do Job Postings Show Early Labor‑Market Effects of AI?’
May 14, 2026
The Federal Reserve Bank of New York published a blog post titled “Do Job Postings Show Early Labor‑Market Effects of AI?” in Liberty Street Economics.
Federal Deposit Insurance Corporation
FDIC Releases Staff Study of Deposit Flows at Three Failed Banks
May 14, 2026
The Federal Deposit Insurance Corporation released “Dissecting Depositor Flight: An Analysis of the Spring 2023 Bank Failures,” a detailed staff study of deposit flows at three banks that failed in the spring of 2023.
FDIC Releases Public Sections of Informational Filings for Six Insured Depository Institutions
May 14, 2026
The Federal Deposit Insurance Corporation released the public sections of informational filings for six large insured depository institutions.
State Agencies
California Business and Consumer Services Agency
Gov. Newsom Appoints Former Federal Regulator Rohit Chopra to Head New Business and Consumer Services Agency
May 14, 2026
Gov. Gavin Newsom announced the appointment of Rohit Chopra to serve as secretary of California’s new Business and Consumer Services Agency.
International
European Commission
EC Greenlights Romania’s Request for €2.62 Billion Under NextGenerationEU
May 14, 2026
The European Commission issued a positive preliminary assessment of Romania's fourth payment request for €2.62 billion under the Recovery and Resilience Facility (RRF), the centerpiece of NextGenerationEU.
Bank of England
Speech: ‘Operational Resilience in a Rapidly Changing World’
May 14, 2026
Financial Policy Committee Member Liz Oakes gave a speech titled “Operational resilience in a rapidly changing world” at the KPMG and Fitch Ratings London Banking Summit.
Speech: ‘The Importance of Choice in Payments’
May 14, 2026
Bank of England Executive Director Victoria Cleland gave a speech titled “The Importance of Choice in Payments” at the Banknote Conference in Washington, D.C.
Financial Conduct Authority
Speech: ‘Working Together Against Financial Crime’
May 14, 2026
Financial Conduct Authority CEO Nikhil Rathi gave a speech titled “Working Together Against Financial Crime” at the FCA’s Financial Crime Conference.
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 – May 15, 2026); Kevin Warsh (confirmed May 13, 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 – 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
Practice Areas
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