PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday, February 5, 2026
February 05, 2026
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Major Developments
Federal Reserve Board
Fed Finalizes 2026 Stress Test Scenarios, Maintains Current Capital Requirements
February 4, 2026
The Federal Reserve Board finalized the hypothetical scenarios for its annual stress test, which helps ensure that large banks can continue to lend to households and businesses even in a severe recession. The final scenarios are substantially similar to the scenarios proposed in October. The board also voted to maintain the current stress capital buffer requirements until 2027, when new requirements can be calculated based on models that take public feedback into consideration.
- Press Release
- Final Notice
- Final Scenarios
- Review of Comments
- Methodology
- Board Memo
- Governor Barr Statement
- Governor Cook Statement
Congress
U.S. Senate
Committee on Banking, Housing and Urban Affairs
Banking Committee Members Seek Hold on Warsh Nomination
February 4, 2026
Eleven members of the Senate Committee on Banking, Housing and Urban Affairs sent a letter to Chairman Tim Scott calling on him to delay the nomination hearing of Federal Reserve Board nominee Kevin Warsh until all pretextual investigations against current board members are closed. Signers of the letter to Scott include Ranking Member Elizabeth Warren (D-MA) and Sens. Jack Reed (D-RI), Mark Warner (D-VA), Chris Van Hollen (D-MD), Catherine Cortez Masto (D-NV), Tina Smith (D-MN), Raphael Warnock (D-GA), Andy Kim (D-NJ), Ruben Gallego (D-AZ), Lisa Blunt Rochester (D-DE) and Angela Alsobrooks (D-MD).
U.S. House of Representatives
Committee on Financial Services
Hearing: ‘The Annual Report of the Financial Stability Oversight Council’
February 4, 2026
The U.S. House Committee on Financial Services held a hearing titled “The Annual Report of the Financial Stability Oversight Council.” The committee heard testimony from Treasury Secretary Scott Bessent, who chairs the council.
- Hearing
- Committee Memorandum
- Committee Chair Hill Statement
- Ranking Member Waters Statement
- FSOC Chair Bessent Testimony
Hearing: ‘A New Day at the SEC: Restoring Accountability, Due Process, and Public Confidence’
February 4, 2026
The U.S. House Committee on Financial Services Subcommittee on Capital Markets held a hearing titled “A New Day at the SEC: Restoring Accountability, Due Process, and Public Confidence.”
Federal Agencies
U.S. Department of the Treasury
Borrowing Advisory Committee Issues Report to Treasury Secretary
February 4, 2026
The Treasury Borrowing Advisory Committee issued a report to the secretary of the treasury following its Feb. 3 meeting.
Deputy Assistant Secretary Smith Issues Quarterly Refunding Statement
February 4, 2026
Deputy Assistant Secretary for Federal Finance Brian Smith issued the Quarterly Refunding Statement indicating that the U.S. Department of the Treasury is offering $125 billion of Treasury securities to refund approximately $90.2 billion of privately held Treasury notes and bonds maturing on Feb. 15, 2026.
OIG Issues Report on Fed’s Confidential Information Controls
February 4, 2026
The Office of Inspector General of the Federal Reserve Board issued a report titled, “Results of Scoping of the Evaluation of the Board’s Practices and Controls for Safeguarding Confidential Supervisory Information in OASIS.”
Federal Reserve Bank of New York
Blog: ‘Anatomy (not Autopsy) of the Phillips Curve’
February 4, 2026
The Federal Reserve Bank of New York published a Liberty Street Economics blog post titled “Anatomy (not Autopsy) of the Phillips Curve.”
Federal Reserve Bank of Boston
Paper: ‘Pricing in the New Year: Why Inflation Behaves Differently at the Start of the Year’
February 4, 2026
The Federal Reserve Bank of Boston published a Current Policy Perspectives paper titled “Pricing in the New Year: Why Inflation Behaves Differently at the Start of the Year.”
Securities and Exchange Commission
SEC Chair Delivers Keynote Address at AFME’s Annual Financial Services Policy Dinner
February 4, 2026
Securities and Exchange Commission Chair Paul S. Atkins gave a keynote address at AFME’s Annual Financial Services Policy Dinner.
Bank Policy Institute
BPI Issues Statement Supporting SCAM Act
February 4, 2026
The Bank Policy Institute issued a statement supporting the “Safeguarding Consumers from Advertising Misconduct Act” (SCAM Act), which aims to tackle malvertising and bank impersonation scams. Sens. Bernie Moreno (R-OH) and Ruben Gallego (D-AZ) introduced the bipartisan legislation on Feb. 4.
International
Bank of England
Results of the Foreign Exchange Joint Standing Committee (FXJSC) Turnover Survey for October 2025
February 4, 2026
The Bank of England released the results of the semi-annual Foreign Exchange Joint Standing Committee (FXJSC) Turnover Survey from October 2025.
UK International Reserves — January 2026
February 4, 2026
The Bank of England released the U.K. international reserves for January 2026.
Bank of England Prudential Regulation Authority
Discussion Paper: ‘Future banking data’
February 4, 2026
The Prudential Regulation Authority released a discussion paper titled “Future banking data.”
Financial Conduct Authority
FCA and SRA Warn Firms Representing Motor Finance Commission Claims
February 4, 2026
The Financial Conduct Authority and Solicitors Regulation Authority issued a joint warning to claims management companies and law firms involved in motor finance commission claims to make sure consumers do not have multiple representatives for the same claim and are not charged excessive termination fees. The FCA also wrote to lenders setting out the potential actions they should take to address this issue.
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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Practice Areas
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