Daily Financial Regulation Update -- Friday, September 18, 2026

The Federal Deposit Insurance Corporation Board of Directors approved a notice of proposed rulemaking that would amend the agency’s regulations to promote parity between state banks and national banks with respect to an out-of-state bank’s compliance with state laws.

• Press Release
• Proposed Rule
• Financial Institution Letters
• Memorandum
• Chair Hill Statement
• CSBS Statement

Congress

US House

Committee on Financial Services

Ranking Member Maxine Waters on the CLARITY Act’s Failure to Advance in the Senate

September 17, 2026

House Committee on Financial Services Ranking Member Maxine Waters issued a statement following the CLARITY Act’s failure to advance in the Senate.

• Statement

Federal Agencies

Federal Deposit Insurance Corporation

Rescission of the Board Statement on the Development and Communication of Supervisory Recommendations

September 17, 2026

The Federal Deposit Insurance Corporation Board of Directors rescinded the Board Statement on Development and Communication of Supervisory Recommendations adopted in 2016.

• Financial Institution Letter
• Memorandum

Securities and Exchange Commission

SEC Holds 24-Hour Trading Roundtable

September 17, 2026

The Securities and Exchange Commission held a roundtable on preparations for 24-hour trading. Chair Paul S. Atkins, Commissioner Hester M. Peirce, Commissioner Mark T. Uyeda and Division of Trading and Markets Director Jamie Selway gave remarks.

• Roundtable
• Chair Atkins Remarks
• Commissioner Peirce Remarks
• Commissioner Uyeda Remarks
• Director Selway Remarks

Commodity Futures Trading Commission

CFTC Staff Issues No-Action Position to Providers of Passive Software

September 17, 2026

The Commodity Futures Trading Commission’s Market Participants Division announced it has issued a no-action position for the benefit of providers of passive software.

• No-Action Letter
• Press Release

International

Bank of England

Monetary Policy Committee Maintains Bank Rate at 3.75%

September 17, 2026

At its meeting ending on 16 Sept. 2026, the Monetary Policy Committee (MPC) voted by a majority of 6–3 to maintain Bank Rate at 3.75%. Three members voted to increase Bank Rate by 0.25 percentage points, to 4%.

• Summary and Minutes
• Explainer

Market Notice: ‘Asset Purchase Facility: Gilt Sales’

September 17, 2026

The Bank of England issued a market notice outlining the Bank Executive’s approach to implementing the Monetary Policy Committee’s decision to unwind the gilts held for monetary policy purposes in the Asset Purchase Facility. Bank Gov. Andrew Bailey and Chancellor of the Exchequer John Healey exchanged letters regarding the Executive’s announcement.

• Market Notice
• Letter to Chancellor Healey
• Letter to Governor Bailey

Exchange of Letters Between the Governor and the Chancellor Regarding CPI Inflation

September 17, 2026

Bank of England Gov. Andrew Bailey and Chancellor of the Exchequer John Healey exchanged letters regarding CPI inflation.

• Letter to Chancellor Healey
• Letter to Governor Bailey

UK Financial Conduct Authority

FCA Sets Out Steps to Support Small Businesses’ Access to Finance

September 17, 2026

The Financial Conduct Authority set out practical steps to help small and medium-sized enterprises access finance more easily.

• Review
• Press Release

FCA and Partners Continue Crackdown on Illegal Crypto Trading

September 17, 2026

The Financial Conduct Authority and partners have taken further action against illegal peer-to-peer crypto trading in London.

• Press Release

Speech: ‘Financial Crime: Protecting the Hive’

September 17, 2026

Financial Conduct Authority Executive Director of Enforcement and Market Oversight Steve Smart gave a speech titled “Financial crime: protecting the hive” at the Law Society Economic Crime Conference 2026.

• Speech

Administration Changes

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)
• Acting Director Mark Paoletta (Acting 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 – Mark Paoletta (Acting Director effective August 1, 2026); Nominee Brian Johnson (nominated June 10, 2026 – nomination hearing July 24, 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