PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday, August 20, 2026
August 20, 2026
By Lawrence D. Kaplan,Jason Shaferand Kris Knabe
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Major Developments
Federal Reserve Board
Minutes of the Federal Open Market Committee Held July 28-29
August 19, 2026
The Federal Reserve released the minutes of the Federal Open Market Committee meeting that was held on July 28-29.
Federal Agencies
US Department of the Treasury
Treasury and IRS Propose Rules Regarding Refundable Tax Credits Eligibility
August 19, 2026
The Department of the Treasury and the Internal Revenue Service (IRS) issued proposed regulations to apply and clarify the federal law regarding the eligibility requirements for taxpayer-funded refundable individual income tax credits.
Treasury Announces Increased Sizes of Nominal Long-End Liquidity Support Buybacks Beginning Sept. 9
August 19, 2026
The Department of the Treasury is increasing by at least double the size of liquidity support buyback operations for longer-dated nominal coupon securities (the 10-year to 20-year sector and the 20-year to 30-year sector).
Federal Reserve Bank of New York
Blog: ‘Has Broader Stock Market Participation Changed How Interest Rates Affect the Economy?’
August 19, 2026
The Federal Reserve Bank of New York published a Liberty Street Economics blog post titled “Has Broader Stock Market Participation Changed How Interest Rates Affect the Economy?”
Federal Reserve Bank of Boston
Note: ‘Bank Lending to Non-Bank Financial Intermediaries: Insights from Enhanced Call Report Data’
August 19, 2026
The Federal Reserve Bank of Boston published a supervisory research and analysis note titled ‘Bank Lending to Non-Bank Financial Intermediaries: Insights from Enhanced Call Report Data.’
Office of the Comptroller of the Currency
Comptroller Gould Discusses Digital Asset Innovation and GENIUS Next Steps
August 19, 2026
Comptroller of the Currency Jonathan V. Gould discussed the Office of the Comptroller of the Currency’s (OCC) work to grow the economy and lead the global digital currency revolution in a fireside chat at the Wyoming Blockchain Symposium in Jackson Hole, Wyoming.
Securities and Exchange Commission
Fund Distributions — Investor Bulletin
August 19, 2026
The Securities and Exchange Commission’s Office of Investor Education and Assistance (OIEA) issued an investor bulletin to explain fund distributions and how they can impact investors.
Commodity Futures Trading Commission
CFTC Requests Comment on the Listing of Compute Derivatives Contracts
August 19, 2026
The Commodity Futures Trading Commission issued a request for comment to better inform its understanding and oversight of derivatives markets in compute.
Financial Crimes Enforcement Network
FinCEN Holds Engagement to Eliminate Hospice Fraud in California
August 19, 2026
The Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) convened law enforcement and financial institutions for an engagement on healthcare benefits fraud, including the exploitation of hospice care services, on Aug. 17.
International
UK Financial Conduct Authority
Feedback on Motor Finance Redress Scheme Implementation Plans
August 19, 2026
The Financial Conduct Authority released guidance providing examples of good and poor practice on motor finance redress scheme implementation plans.
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
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