PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Monday, August 3, 2026
August 03, 2026
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Major Developments
Federal Reserve Board
Federal Deposit Insurance Corporation
Federal Reserve Board Requests Comment on a Proposal to Modernize Regulation O and FDIC Proposes Raising Loan Thresholds to Insiders at Non-Member Banks
July 31, 2026
The Federal Reserve Board requested comment on a proposal to modernize Regulation O governing the extension of credit to bank “insiders” — bank executives, board members and major shareholders who could potentially influence a bank’s lending decisions — and the FDIC proposed conforming regulations for non-member banks.
- Fed Press Release
- FDIC Press Release
- Fed Proposed Rule
- FDIC Proposed Rule
- Fed Board Memo
- Governor Barr Statement
- FDIC Board Meeting
Office of the Comptroller of the Currency
Federal Deposit Insurance Corporation
OCC and FDIC Issue Joint Proposal Amending the Community Reinvestment Act Rules
July 31, 2026
The Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation proposed targeted changes to their current rules implementing the Community Reinvestment Act (CRA) to align with the statutory mandate, ensure that community development grants reach the communities they are intended to benefit, reduce burden for banks — particularly community banks — and provide greater clarity on how to obtain CRA consideration.
Federal Agencies
Federal Reserve Board
Federal Reserve Board Requests Comment on a Proposal to Modernize Rules for Mutual Holding Companies
July 31, 2026
The Federal Reserve Board requested comment on a proposal to modernize rules for mutual holding companies.
Working Paper: ‘How Firms Form Beliefs and the Implications for Inflation’
July 31, 2026
The Federal Reserve Board published a working paper titled “How Firms Form Beliefs and the Implications for Inflation.”
Working Paper: ‘Credit Surfaces and Economic Uncertainty’
July 31, 2026
The Federal Reserve Board published a working paper titled ‘Credit Surfaces and Economic Uncertainty.’
Working Paper: ‘Measuring Macroeconomic Stars: A Framework With Scarring Effects’
July 31, 2026
The Federal Reserve Board published a working paper titled “Measuring Macroeconomic Stars: A Framework with Scarring Effects.”
Federal Reserve Bank of New York
Blog: ‘Stablecoins and (Non)Crypto Shocks: A 2026 Update’
July 31, 2026
The Federal Reserve Bank of New York published a Liberty Street Economics blog post titled “Stablecoins and (Non)Crypto Shocks: A 2026 Update.”
Federal Reserve Board
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency
National Credit Union Administration
Joint Statement of Enforcement Policy in Support of Venezuela’s Economic Recovery and Earthquake Relief Efforts
July 31, 2026
The staffs of the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration and the Office of the Comptroller of the Currency issued a statement of enforcement policy in support of U.S. government efforts to facilitate economic recovery and financial stability in Venezuela, including efforts to provide humanitarian relief and assist in reconstruction following the recent earthquakes in Venezuela.
International
European Banking Authority
EBA, EIOPA and ESMA Call for Enhanced Governance and Consistent Supervision to Mitigate ICT Risks From Frontier AI Models in the EU Financial Sector
July 31, 2026
The European Supervisory Authorities (EBA, EIOPA and ESMA — the ESAs) published a statement calling for a cross-sectoral, risk-based and consistent supervisory approach to mitigate the ICT risks stemming from frontier AI models.
Bank of England
Market Participants Survey Results — July
July 31, 2026
The Bank of England released the Market Participants Survey for July 2026.
Financial Conduct Authority
FCA Advances Package of Equity Market Transparency Reforms
July 31, 2026
The Financial Conduct Authority has published a package of reforms designed to improve transparency, strengthen access to market-wide information and support confidence in U.K. equity markets.
- Consultation Paper – Framework for a UK Equity Consolidated Tape
- Consultation Paper – Equity Market Transparency
- Market Activity Reporter for Shares
- Press Release
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)
- 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
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Practice Areas
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