Daily Financial Regulation Update -- Thursday, July 23, 2026

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Congress

US House of Representatives

Committee on Financial Services

Report: ‘Fighting Back: A Policy Framework for Combating the Rise of Financial Fraud & Scams’

July 22, 2026

House Committee on Financial Services Chairman French Hill (R-Ark.) and Oversight & Investigations Subcommittee Chairman Dan Meuser (R-Pa.) released a staff report titled “Fighting Back: A Policy Framework for Combating the Rise of Financial Fraud & Scams.”

• Report
• Press Release

 

Committee on Small Business

Hearing: ‘Oversight of SBA’s Office of Entrepreneurial Development’

July 22, 2026

The House Committee on Small Business held a hearing titled “Oversight of SBA’s Office of Entrepreneurial Development.”

• Hearing
• Chair Williams Statement

 

Federal Agencies

Securities and Exchange Commission

Commissioner Issues Statement on Crypto Vaults and Lending Strategies

Securities and Exchange Commissioner Hester M. Peirce issued a statement titled “Headstands and Summervaults: A Statement on Crypto Vaults and Lending Strategies.”

• Statement

 

FINRA

FINRA Foundation Research Reveals Gaps in Fraud Awareness That May Leave Americans Vulnerable

July 22, 2026

The FINRA Investor Education Foundation released a report titled “Patterns in Fraud Awareness: What Comes to Mind When Americans Think About Financial Fraud,” which details  knowledge gaps that may leave millions of Americans vulnerable to victimization as financial fraud losses near $200 billion annually.

• Report
• Press Release

 

International

Bank of England Prudential Regulation Authority

PRA Consults on Updated Guidance for Friendly Society Amalgamations and Transfers

July 22, 2026

The Prudential Regulation Authority is consulting on proposals to provide more detail on its approach to Part VIII transactions, helping firms plan amalgamations and transfers more efficiently.

• Press Release
• Consultation Paper

 

Financial Conduct Authority

FCA Guidance: ‘Asset Management and Alternative Firms’ Financial Crime Controls: Our Findings’

July 22, 2026

The Financial Conduct Authority released guidance on its findings from an engagement with asset management and alternatives firms, highlighting examples of good and poor practice.

• Guidance

 

Administration Changes

Vacancies

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)
• 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 (effective December 22, 2025)

Consumer Financial Protection Bureau – Russel Vought (Acting Director effective February 10, 2025); Nominee Brian Johnson (nominated June 10, 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