PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Monday, October 5, 2026
October 05, 2026
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Major Developments
Independent Community Bankers of America
ICBA Sues OCC Over National Trust Bank Charters for Crypto Firms
The Independent Community Bankers of America (ICBA) filed a lawsuit in the U.S. District Court for the District of Columbia against the Office of the Comptroller of the Currency (OCC) challenging the OCC’s chartering of national trust banks to primarily deal in cryptocurrencies. The lawsuit challenges the propriety of the OCC’s March 2026 rule on fiduciary activities and OCC Interpretative Letter No. 1176 (January 2021) and seeks the court to deem such issuances unlawful.
Federal Agencies
US Department of the Treasury
The Financial Literacy and Education Commission Releases 2026 Update to the US National Strategy for Financial Literacy
October 2, 2026
The Department of the Treasury introduced the release of the 2026 update to the U.S. National Strategy for Financial Literacy from the Financial Literacy and Education Commission (FLEC), which is chaired by the secretary of the treasury and is composed of the heads of 23 federal agencies and the White House Domestic Policy Council.
Federal Reserve Board
Federal Reserve Board Extends Comment Period on Proposal to Modernize Regulation O
October 2, 2026
The Federal Reserve Board announced that it will extend, until Nov. 4, the comment period on its proposal to modernize Regulation O, its rule governing the extension of credit by a bank to its “insiders” — bank executives, board members and major shareholders who could potentially influence a bank’s lending decisions.
Working Paper: ‘Bells and Whistles of Nowcasting Models: Which Matter and When?’
October 2, 2026
The Federal Reserve Board published a working paper titled “Bells and Whistles of Nowcasting Models: Which Matter and When?”
US Department of Labor
BIS Releases Jobs Report for September 2026
October 2, 2026
The Bureau of Labor Statistics released the Employment Situation Report for September 2026.
International
European Commission
G7 Leaders’ Statement on Global Energy Security and Market Stability
October 2, 2026
The leaders of the G7 convened a virtual meeting to address the deepening challenges to energy security and market stability.
Commission Disburses €2.9 Billion Under Ukraine Facility to Support Financial Stability and Reforms
October 1, 2026
The European Commission has released €2.9 billion to Ukraine to support financing needs and maintain the functioning of the country’s public administration.
Bank of England
Monthly Decision Maker Panel Data — September 2026
October 2, 2026
The Bank of England released the Decision Maker Panel data for September 2026.
Appointment of Members of the Enforcement Decision Making Committee
October 2, 2026
Following an external recruitment process, the Bank of England has appointed Carlos Conceicao and Alexander Justham as members of its Enforcement Decision Making Committee, with effect from September 2026.
UK Financial Conduct Authority
Firms’ Confidence, Satisfaction and Trust in the FCA Rise
October 2, 2026
The latest Financial Conduct Authority and Practitioner Panel survey shows rising levels of satisfaction, confidence and trust in the FCA among firms, alongside a strong understanding of Consumer Duty expectations.
Consultation Paper: ‘Preparing for the New Transaction Reporting Regime’
October 2, 2026
The Financial Conduct Authority released a consultation paper titled “Preparing for the new transaction reporting regime.”
Administration Changes
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
Contributors
