PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Monday, June 8, 2026
June 08, 2026
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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US Department of the Treasury
Financial Crimes Enforcement Network
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency
National Credit Union Administration
Federal Prudential Regulators Issue Joint Advisory on Non-Work-Authorized Populations and Their Employers and Risks to the Integrity of the US Financial System
June 5, 2026
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network, the Federal Deposit Insurance Corporation, the Office of the Comptroller of Currency and the National Credit Union Administration issued a joint advisory urging financial institutions to detect and report the unlawful employment of illegal immigrants, following up on a recent presidential executive order.
Federal Agencies
US Department of the Treasury
Treasury Targets Iranian LPG Smuggling and Shadow Banking Networks
June 5, 2026
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is designating a network of individuals, entities and vessels responsible for shipping hundreds of millions of dollars’ worth of Iranian-origin liquid petroleum gas (LPG) — intentionally disguised as Omani LPG — to end users in South and East Asia. OFAC is also taking action against Iranian exchange house Mehrdad Geramian Nik and Partners and its leadership, who have moved hundreds of millions of dollars of foreign currency on behalf of sanctioned Iranian banks.
Federal Reserve Board
G.19 Consumer Credit — April 2026
June 5, 2026
The Federal Reserve Board released the G.19 consumer credit data for April 2026.
Federal Reserve Bank of Boston
Report: ‘New England Economic Conditions through June 2’
June 5, 2026
The Federal Reserve Bank of Boston released a report titled “New England Economic Conditions through June 2.”
US Department of Labor
BLS Releases May Jobs Report
June 5, 2026
The Bureau of Labor Statistics released the Employment Situation Report for May.
Bank Policy Institute
Blog: ‘When Disclosure Becomes a Zero Day: Why the SEC Should Rescind Its Cyber Incident Rule in the Age of Frontier AI’
June 5, 2026
The Bank Policy Institute published a blog post titled “When Disclosure Becomes a Zero Day: Why the SEC Should Rescind Its Cyber Incident Rule in the Age of Frontier AI.”
International
Bank of England
Working Paper: ‘Staying afloat: the impact of flooding on UK firms’
June 5, 2026
The Bank of England published a staff working paper titled “Staying afloat: the impact of flooding on UK firms.”
Working Paper: ‘Capital requirements and process innovation’
June 5, 2026
The Bank of England published a staff working paper titled “Capital requirements and process innovation.”
Working Paper: ‘How should central banks respond to commodity price shocks? Optimal monetary and exchange rate frameworks for commodity-exposed economies’
June 5, 2026
The Bank of England published a staff working paper titled “How should central banks respond to commodity price shocks? Optimal monetary and exchange rate frameworks for commodity-exposed economies.”
Monthly Decision Maker Panel Data — May
June 5, 2026
The Bank of England released the Decision Maker Panel survey data for May.
External Business of Monetary Financial Institutions Operating in the UK — Q1
June 5, 2026
The Bank of England released the statistics covering claims on and liabilities to other countries by U.K.-resident banks and building societies in Q1.
Bank of England
Financial Conduct Authority
Bank of England and Financial Conduct Authority — MOU on the Supervision of Financial Market Infrastructure
June 5, 2026
The Bank of England and the Financial Conduct Authority entered into a memorandum of understanding to supervise financial market infrastructure.
Financial Conduct Authority
Simpler Climate Reporting Rules Could Save Firms £20 Million Annually
June 5, 2026
The Financial Conduct Authority estimates investment firms could save around £20 million a year under new proposals from the FCA to simplify climate reporting for investment products.
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)
- Stephen Miran (sworn in September 16, 2025)
- 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 (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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