PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday, May 22, 2026
May 22, 2026
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Congress
US House of Representatives
Committee on Financial Services
Hearing: ‘Modernizing the BSA for Financial Crime in the 21st Century’
May 21, 2026
The House Committee on Financial Services Subcommittee on National Security, Illicit Finance and International Financial Institutions held a hearing titled “Modernizing the BSA for Financial Crime in the 21st Century.”
Committee on Small Business
Hearing: ‘Building the Future: How Small Home Builders are Closing America's Housing Gap’
May 21, 2026
The House Committee on Small Business held a hearing titled “Building the Future: How Small Home Builders are Closing America's Housing Gap.”
Federal Agencies
Federal Reserve Bank of New York
Report: ‘Regulatory Arbitrage Within the Firm’
May 21, 2026
The Federal Reserve Bank of New York published a staff report titled “Regulatory Arbitrage Within the Firm.”
Securities and Exchange Commission
SEC and NFA Announce MOU to Further Harmonize Regulatory Coordination
May 21, 2026
The Securities and Exchange Commission and National Futures Association announced that they have entered into a memorandum of understanding to enhance their cooperation, coordination and information-sharing in areas of common regulatory interest.
Commodity Futures Trading Commission
CFTC and National Hockey League Sign MOU Related to Integrity in Professional Hockey
May 21, 2026
The Commodity Futures Trading Commission and the National Hockey League today announced their signing of a memorandum of understanding intended to protect the integrity of professional hockey and maintain fair and transparent prediction markets.
International
European Commission
Spring 2026 Economic Forecast Shows Slowdown in Growth
May 20, 2026
The Spring 2026 Economic Forecast projects weaker economic activity as the conflict in the Middle East triggers a new energy shock that reignites inflation and shakes economic sentiment.
Speech by Commissioner Albuquerque at the European Securities and Markets Authority Conference: ‘A new era for EU capital markets’
May 20, 2026
European Commissioner Maria Luís Albuquerque gave remarks at the European Securities and Markets Authority Conference: “A new era for EU capital markets.”
Bank of England
Speech: ‘Can AI make cutlery?’
May 21, 2026
Bank of England Governor Andrew Bailey gave a speech titled “Can AI make cutlery?” at the 389th Cutler’s Feast.
Bank of England Prudential Regulation Authority
Policy Statement: ‘Insurance third-country branches: Policy implementation and other updates’
May 21, 2026
The Prudential Regulation Authority issued a policy statement titled “Insurance third-country branches: policy implementation and other updates.”
Financial Conduct Authority
Consultation Paper: ‘Registration of authorized fund assets’
May 21, 2026
The Financial Conduct Authority released a consultation paper titled “Registration of authorized fund assets.”
Administration Changes
Vacancies
Appointments/Confirmation Hearings
U.S. Department of the Treasury – Scott Bessent (effective January 27, 2025)
Federal Reserve Board – Kevin Warsh (confirmed May 13, 2026) to be sworn in 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 – SCOTUS hearing on purported termination to be held in January 21, 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 (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 (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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