Daily Financial Regulation Update -- Thursday, June 18, 2026

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Congress

US House of Representatives

Committee on Financial Services

Representatives Urge FinCEN to Modernize AML Rules and Prioritize High-Risk Financial Crimes

June 17, 2026

House Committee on Financial Services Chairman French Hill (R-Ark.) and Subcommittee on National Security, Illicit Finance and International Financial Institutions Chairman Warren Davidson (R-Ohio) recently sent a letter to Andrea Gacki, director of the Financial Crimes Enforcement Network, urging FinCEN to finalize its Anti-Money Laundering and Countering the Financing of Terrorism rule.

• Letter
• Press Release

 

Federal Agencies

Federal Reserve Board

Federal Reserve Issues FOMC Statement

June 17, 2026

The Federal Open Markets Committee released a statement announcing the committee decided to maintain the target range for the federal funds rate at 3 ½% to 3 ¾% in support of the Federal Reserve’s dual mandate. 

• Implementation Note
• Statement

 

Federal Reserve Board and FOMC Release Economic Projections

June 17, 2026

The Federal Reserve Board and Federal Open Market Committee released economic projections made by FOMC participants in conjunction with the June 16-17 meeting.

• Projections
• Press Release

 

Securities and Exchange Commission

Commissioner’s Remarks to the US-CEE Connection: ‘Transatlantic Challenges in Law, Business & Policy’

June 17, 2026

Securities and Exchange Commissioner Mark T. Uyeda gave remarks to the US-CEE Connection titled “Transatlantic Challenges in Law, Business and Policy.”

• Remarks

 

Commodity Futures Trading Commission

CFTC Staff Issues No-Action Letter for Swap Post-Trade Risk Reduction Services

June 17, 2026

The Commodity Futures Trading Commission’s Division of Clearing and Risk, Division of Market Oversight and Market Participants Division announced they have taken no-action positions related to a request from three service providers — Capitolis Partners LLC, Quantile Technologies Limited (as part of the London Stock Exchange Group plc) and TriOptima AB (as part of OSTTRA) — that offer post-trade risk reduction services for swaps in the form of portfolio rebalancing and basis risk mitigation.  

• Letter
• Press Release

 

FINRA

Information Notice: New Rule 605 Designated Participant Authorization Form

June 17, 2026

FINRA is introducing a new electronic Rule 605 designated participant authorization form for members to obtain unique reporter identification codes and provide hyperlinks to their Rule 605 execution quality reports. 

• Notice

 

National Credit Union Administration

NCUA Releases Q1 State-level Credit Union Data Report

June 17, 2026

The National Credit Union Administration released its first quarter state-level credit union data report for 2026.

• Report
• Press Release

 

International

Bank of England

Index-Linked Treasury Stock

June 17, 2026

The Bank of England released a statement on the 4 ⅛% Index-linked Treasury Stock 2030.

• Statement

 

Financial Conduct Authority

Speech: ‘Beyond the Headlines: The Unseen Fight Against Financial Crime’

June 17, 2026

Financial Conduct Authority Joint Executive Director Theres Chambers gave a speech titled “Beyond the headlines: the unseen fight against financial crime” at the International Bar Association Anti-Corruption Conference.

• Speech

 

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 – SCOTUS hearing on purported termination to be held in January 21, 2026)
• Stephen Miran (sworn in September 16, 2025)
• 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 (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

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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