PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Monday, May 4, 2026
May 04, 2026
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Federal Agencies
U.S. Department of the Treasury
Treasury Targets Iranian Shadow Banking Networks Moving Billions in Foreign Currency
May 1, 2026
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is designating three Iranian foreign currency exchange houses and their associated front companies.
Report on Foreign Portfolio Holdings of US Securities at End of June 2025
April 30, 2026
The U.S. Department of the Treasury released the final results from the annual survey of foreign portfolio holdings of U.S. securities at the end of June 2025.
Federal Deposit Insurance Corporation
Federal Reserve Board
Office of the Comptroller of the Currency
Agencies Issue Host State Loan-to-Deposit Ratios
May 1, 2026
The Federal Deposit Insurance Corporation, Federal Reserve Board and Office of the Comptroller of the Currency jointly issued updated host state loan-to-deposit ratios, as required by law. Each ratio compares the total loans in a state to total deposits in the state for all banks that are legally operating in that state. These ratios replace those issued in May 2025.
Federal Reserve Board
Speech: ‘Artificial Intelligence in the Financial System’
May 1, 2026
Federal Reserve Board Vice Chair for Supervision Michelle W. Bowman gave a speech titled “Artificial Intelligence in the Financial System” at the Financial Stability Oversight Council Artificial Intelligence Series Roundtable on Cybersecurity and Risk Management.
Working Paper: ‘Financial Well-being and Inclusion of Justice Involved Populations: Evidence from the Survey of Household Economics and Decisionmaking’
May 1, 2026
The Federal Reserve Board published a working paper titled “Financial Well-being and Inclusion of Justice Involved Populations: Evidence from the SHED.”
Working Paper: ‘The Effect of the Federal Reserve on the Stock Market: Magnitudes, Channels and Shocks’
May 1, 2026
The Federal Reserve Board published a working paper titled “The Effect of the Federal Reserve on the Stock Market: Magnitudes, Channels and Shocks.”
Working Paper: ‘Price-Segmented Beliefs and the US Housing Boom’
May 1, 2026
The Federal Reserve Board published a working paper titled “Price-Segmented Beliefs and the U.S. Housing Boom.”
Working Paper: ‘Tariffs and Goods-Market Search Frictions’
May 1, 2026
The Federal Reserve Board published a working paper titled “Tariffs and Goods-Market Search Frictions.”
Federal Reserve Bank of New York
Blog: ‘Tracking the K‑Shaped Economy: Who’s Driving Spending?’
May 1, 2026
The Federal Reserve Bank of New York published a Liberty Street Economics blog post titled “Tracking the K‑Shaped Economy: Who’s Driving Spending?”
Blog: ‘Explaining the K‑Shaped Economy: What’s Behind the Divide?’
May 1, 2026
The Federal Reserve Bank of New York published a Liberty Street Economics blog post titled “Explaining the K‑Shaped Economy: What’s Behind the Divide?”
Conference of State Bank Supervisors
Conference Submits Comments to OCC on Stablecoin Rules
May 1, 2026
The Conference of State Bank Supervisors, joined by the Money Transmitter Regulators Association, submitted comments to the Office of the Comptroller of the Currency requesting changes to its proposed rule to implement the GENIUS Act.
Securities and Exchange Commission
NYSE Files Notice of Proposal to Enable Tokenized Securities Trading
May 1, 2026
The New York Stok Exchange filed with the Securities and Exchange Commission a proposed rule titled “Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Amend the Exchange’s Rules to Enable the Trading of Securities on the Exchange in Tokenized Form.”
Commodity Futures Trading Commission
CFTC Staff Issues Supplemental Letter Regarding No-Action Position on Reporting, Recordkeeping Requirements
May 1, 2026
The Commodity Futures Trading Commission’s (CFTC’s) Division of Market Oversight and Division of Clearing and Risk announced they have taken a no-action position regarding swap data reporting and recordkeeping regulations.
CFTC Seeks Public Comment Relating to Commitments of Traders Reports
April 30, 2026
The CFTC issued a request for comment regarding potential modifications to its Commitments of Traders Reports program, including publication of the reports on a more frequent basis and changes to the content of the reports.
International
Bank of England
Market Participants Survey Results — April 2026
May 1, 2026
The Bank of England released the results of the Market Participants Survey for April 2026.
Money and Credit — March 2026
May 1, 2026
The Bank of England released the Money and Credit data and effective interest rates for March 2026.
Financial Conduct Authority
FCA Publishes Report on Independent Assessment of Proposals to Establish an Open Banking Standards-Setting Body
May 1, 2026
The Financial Conduct Authority published an independent assessment report prepared by KPMG on proposals to lead the establishment of a future open banking standards-setting body.
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)
- 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
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