PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday, January 15, 2026
January 15, 2026
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Major Developments
Senate Banking, Housing and Urban Affairs Committee
Clarity Act Markup Postponed
The Senate Banking Committee postponed its scheduled markup of digital asset market structure legislation to continue bipartisan discussions.
Congress
U.S. House of Representatives
Committee on Financial Services
House Passes Committee Provisions as Part of Financial Services and General Government Appropriations Bill
January 14, 2026
The U.S. House of Representatives passed the Financial Services and General Government and National Security, Department of State and Related Programs Appropriations Act that included key provisions led by House Financial Services Committee Chairman French Hill (AR-02) and Rep. Maria Salazar (FL-27).
Hearing: ‘Striking the Right Balance Sheet’
January 14, 2026
The U.S. House Committee on Financial Services Task Force on Monetary Policy, Treasury Market Resilience and Economic Prosperity held a hearing titled “Striking the Right Balance Sheet.”
- Hearing
- Committee Memorandum
- Task Force Chair Lucas Statement
- Ranking Member Waters Statement
- BPI Chief Economist Nelson Testimony
Hearing: ‘Evaluating the Operations of the Committee on Foreign Investment in the United States (CFIUS)’
January 14, 2026
The U.S. House Committee on Financial Services Subcommittee on National Security, Illicit Finance and International Financial Institutions held a hearing titled “Evaluating the Operations of the Committee on Foreign Investment in the United States (CFIUS).” The subcommittee heard testimony from Chris Pilkerton, assistant secretary for investment security at the Department of the Treasury.
- Hearing
- Committee Memorandum
- Subcommittee Chair Davidson Statement
- Assistance Secretary Pilkerton Testimony
Federal Agencies
Federal Reserve Board
Beige Book — January 2026
January 14, 2026
The Federal Reserve released the January 2026 Beige Book.
Speech: ‘Regulations, the Supply Side, and Monetary Policy’
January 14, 2026
Federal Reserve Board Governor Stephan I. Miran gave a speech titled “Regulations, the Supply Side, and Monetary Policy” at the Delphi Economic Forum, National Gallery at the Alexandros Soutsos Museum in Athens, Greece.
Federal Reserve Bank of New York
Blog: ‘Understating Rising Quality Means Import Price Inflation Is Overstated’
January 14, 2026
The Federal Reserve Bank of New York published a Liberty Street Economics blog post titled “Understating Rising Quality Means Import Price Inflation Is Overstated.”
Securities and Exchange Commission
Updated Investor Bulletin: An Introduction to ABLE Accounts
January 14, 2026
The Securities and Exchange Commission released an updated investor bulletin on Achieving a Better Life Experience (ABLE) accounts.
FINRA
Upcoming Trade Reporting Enhancements for Fractional Share Transactions
January 14, 2026
FINRA is reminding firms of upcoming updates to its equity trade reporting guidance in connection with enhancements to the FINRA equity trade reporting facilities to support reporting of fractional share quantities. The effective date of the updated trade reporting guidance will be Feb. 23, 2026.
National Credit Union Administration
NCUA Issues 2026 Supervisory Priorities Letter to Credit Unions
January 14, 2026
The National Credit Union Administration announced its 2026 Supervisory Priorities, which continue the agency’s policy of “No Regulation by Enforcement” while prioritizing safety and soundness.
Bank Policy Institute
Blog: ‘What Determines Banks’ Demand for Reserve Balances?’
January 14, 2026
The Bank Policy Institute published a blog post titled “What Determines Banks’ Demand for Reserve Balances?”
State Agencies
New York State Department of Financial Services
Gov. Hochul Unveils Proposals to Protect Consumers and Workers
January 14, 2026
Gov. Kathy Hochul announced a series of proposals as part of her 2026 State of the State to strengthen data privacy protections, fight worker’s compensation fraud, increase transparency in AI interactions and enhance consumer awareness around student loans.
International
European Banking Authority
Bank of England
Prudential Regulation Authority
Financial Conduct Authority
European and U.K. Regulators Sign Memorandum of Understanding on DORA ICT Oversight
January 14, 2026
The European Supervisory Authorities (EBA, EIOPA and ESMA) have signed a Memorandum of Understanding with the Bank of England, the Prudential Regulation Authority and the Financial Conduct Authority on the oversight of critical ICT third-party service providers under the Digital Operational Resilience Act (DORA).
- Memorandum of Understanding
- Targeted Equivalence Assessment
- ESA Press Release
- Bank of England Press Release
Bank of England
Speech: ‘The evolution of the Bank’s approach to resolution’
January 14, 2026
Bank of England Deputy Governor Dave Ramsden gave a speech titled “The evolution of the Bank’s approach to resolution.”
Speech: ‘Driving over the peak, or a false summit?’
January 14, 2026
Monetary Policy Committee External Member Professor Alan Taylor gave a speech titled “Driving over the peak, or a false summit?”
Financial Conduct Authority
Consultation Paper: ‘Retail Banking Business Models (R2B2): Replacing the ad hoc collection of R2B2 data with an annual regulatory return’
January 14, 2026
The Financial Conduct Authority published a consultation paper titled “Retail Banking Business Models (R2B2): Replacing the ad hoc collection of R2B2 data with an annual regulatory return.”
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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