PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Monday, May 18, 2026
May 18, 2026
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
Subscribe to PH FedACTion: Financial Regulatory Updates
Subscribe to the PHFintech: Crypto Policy Tracker
Federal Agencies
Federal Reserve Board
Federal Reserve Board Names Jerome H. Powell Temporary Chair
May 15, 2026
The Board of Governors of the Federal Reserve named Jerome Powell chair pro tempore pending the swearing in of Kevin M. Warsh as his successor.
Speech: ‘Efficient and Effective Central Banking: Beyond the Balance Sheet’
May 14, 2025
Federal Reserve Board Gov. Michael S. Barr gave a speech titled “Efficient and Effective Central Banking: Beyond the Balance Sheet.”
Federal Reserve Bank of New York
Report: ‘Micro and Macro Cost-Price Dynamics in Normal Times and During Inflation Surges’
May 15, 2026
The Federal Reserve Bank of New York published a staff report titled “Micro and Macro Cost-Price Dynamics in Normal Times and During Inflation Surges.”
Empire State Manufacturing Survey — May 2026
May 15, 2026
The Federal Reserve Bank of New York released the results of the May 2026 Empire State Manufacturing Survey.
Federal Deposit Insurance Corporation
Updated Q&As Regarding FDIC Official Signs and Advertising Requirements
May 15, 2026
The Federal Deposit Insurance Corporation is updating its Questions and Answers (Q&As) related to the regulation governing FDIC Official Signs, Advertisement of Membership, False Advertising, Misrepresentation of Insured Status and Misuse of the FDIC Name or Logo to reflect the FDIC’s 2026 amendments to the rule.
Office of the Comptroller of the Currency
OCC Issues 2 Final Rules on Preemption of State Interest-on-Escrow Laws
May 15, 2026
The Office of the Comptroller of the Currency issued two final rules on national banks’ and federal savings associations’ real estate lending powers related to the payment of interest on funds held in escrow accounts.
- Press Release
- Final Rule: Real Estate Lending Escrow Accounts
- Final Rule: Preemption Determination: State Interest-on-Escrow Laws
National Credit Union Administration
NCUA Announces Proposed Rule for Permitted Payment Stablecoin Issuer Standards
May 15, 2026
The National Credit Union Administration announced a notice of proposed rulemaking outlining the operational and risk management standards for an NCUA-licensed permitted payment stablecoin issuer as outlined in the GENIUS Act.
Federal Housing Finance Agency
Foreclosure Prevention, Refinance and Federal Property Manager's Report for February
May 15, 2026
The Federal Housing Finance Agency released the Foreclosure Prevention, Refinance, and Federal Property Manager's Report for February.
International
Bank of England
Financial Conduct Authority
HM Treasury
The Bank, FCA and HM Treasury Joint Statement on Frontier AI Models and Cyber Resilience
May 15, 2026
The Bank of England, Financial Conduct Authority and HM Treasury issued a joint statement on frontier AI models and cyber resilience.
Bank of England Prudential Regulation Authority
Results of the Firm Feedback Survey 2025
May 15, 2026
The Prudential Regulation Authority released the results of the 2025 firm feedback survey.
Financial Conduct Authority
Review: ‘Credit rating agencies multi-firm review: Insights into surveillance, methodologies and internal controls’
May 15, 2026
The Financial Conduct Authority released a review titled “Credit rating agencies multifirm review: Insights into surveillance, methodologies and internal controls.”
Administration Changes
Vacancies
Appointments
U.S. Department of the Treasury – Scott Bessent (effective January 27, 2025)
Federal Reserve Board – Jerome H. Powell (effective May 23, 2022 – May 15, 2026); Kevin Warsh (confirmed May 13, 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 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 (Acting Chairman effective January 20, 2025, nominated to be Chair September 30, 2025 and Confirmed December 18, 2025)
- 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
Contributors
Practice Areas
For More Information