PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Monday, June 29, 2026
June 29, 2026
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Federal Agencies
Federal Reserve Board
Working Paper: ‘Cyclical Fluctuations, Financial Frictions and Productivity Differences Across Firms’
June 26, 2026
The Federal Reserve Board published a working paper titled “Cyclical Fluctuations, Financial Frictions and Productivity Differences across Firms.”
Federal Reserve Bank of New York
Blog: ‘How Resilient Were Emerging Market Economies Through the 2022‑23 US Monetary Tightening Cycle?’
June 26, 2026
The Federal Reserve Bank of New York published a Liberty Street Economics blog post titled “How Resilient Were Emerging Market Economies Through the 2022‑23 U.S. Monetary Tightening Cycle?”
Securities and Exchange Commission
Commodity Futures Trading Commission
SEC and CFTC Seek Public Comment on the Harmonization of Portfolio Margining Frameworks
June 26, 2026
The Securities and Exchange Commission and the Commodity Futures Trading Commission issued a joint request for public comment on potential approaches to further harmonize regulatory frameworks applicable to portfolio margining across securities, security-based swaps, futures, swaps and related positions.
International
European Banking Authority
The EBA Enhances Supervisory Efficiency With Revised Guidelines for Supervisory Review and Evaluation Process
June 26, 2026
The European Banking Authority published its final revised guidelines on common procedures and methodologies for the supervisory review and evaluation process and supervisory stress testing, marking another key milestone in its efforts to enhance the efficiency, coherence and effectiveness of EU banking supervision.
The EBA Consults on a Draft Methodology for Setting Fines Under the Markets in Crypto-Assets Regulation
June 26, 2026
The European Banking Authority published a consultation paper with a draft methodology for setting fines in its role as supervisor under MiCA.
The EBA Updates Validation Rules for Supervisory Reporting
June 26, 2026
The European Banking Authority published an updated list of validation rules defined in its reporting frameworks as part of its regular quarterly review process.
Bank of England
Working Paper: ‘Monetary Transmission to Firm-Level Research and Development’
June 26, 2026
The Bank of England published a staff working paper titled “Monetary transmission to firm-level research and development.”
Working Paper: ‘Developing a House Price-at-Risk Framework for the UK’
June 26, 2026
The Bank of England published a staff working paper titled “Developing a house price-at-risk framework for the UK.”
Financial Conduct Authority
FCA Consultation Paper on Targeted Changes to Listing Rules for Closed-Ended Investment Funds
June 26, 2026
The Financial Conduct Authority has published a consultation paper on proposed changes to its U.K. listing rules for closed‑ended investment funds focused on the management of conflicts of interest. Alongside this consultation, the FCA is also publishing examples of good practice to support retail investors in exercising their voting rights as part of its broader work to promote effective shareholder engagement.
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 – SCOTUS hearing on purported termination to be held in January 21, 2026)
- 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)
- 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 (effective December 22, 2025)
Consumer Financial Protection Bureau – Russel Vought (Acting Director effective February 10, 2025); Nominee Brian Johnson (nominated June 10, 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
Practice Areas
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