PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday, June 4, 2026
June 04, 2026
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Congress
US House of Representatives
Committee on Small Business
Hearing: ‘Restoring America’s Industrial Base: The Role of Small Businesses in National Security’
June 3, 2026
The U.S. House Committee on Small Business held a hearing titled “Restoring America’s Industrial Base: The Role of Small Businesses in National Security.”
Federal Agencies
Federal Reserve Board
Beige Book — May 2026
June 3, 2026
The Federal Reserve Board released the Beige Book for May 2026.
Working Paper: ‘The Role of Inflation Perceptions in Consumer Inflation Expectations: Evidence from the Euro Area’
June 3, 2026
The Federal Reserve Board published a working paper titled “The Role of Inflation Perceptions in Consumer Inflation Expectations: Evidence from the Euro Area.”
Federal Reserve Bank of New York
Blog: ‘The Unintended Effects of Interest Rate Caps: Credit Rationing for Risky Borrowers’
June 3, 2026
The Federal Reserve Bank of New York published a Liberty Street Economics blog post titled “The Unintended Effects of Interest Rate Caps: Credit Rationing for Risky Borrowers.”
Blog: ‘The Unintended Effects of Interest Rate Caps: Credit Reallocation to Safer Borrowers’
June 3, 2026
The Federal Reserve Bank of New York published a Liberty Street Economics blog post titled “The Unintended Effects of Interest Rate Caps: Credit Reallocation to Safer Borrowers.”
Securities and Exchange Commission
Remarks: ‘Base Case: Remarks at the IC3 Blockchain Camp’
June 3, 2026
Securities and Exchange Commissioner Hester M. Peirce gave remarks at the IC3 Blockchain Camp.
Commodity Futures Trading Commission
CFTC Rescinds Policy Regarding Denials of Settlements in Enforcement Actions
June 3, 2026
The Commodity Futures Trading Commission rescinded a policy, codified in Appendix A to Part 10, stating that the commission will not accept settlement offers where the defendant continues to deny the allegations in the complaint or administrative order.
CFTC Staff Issues No-Action Position Related to Designated Contract Market Procedures
June 3, 2026
The Commodity Futures Trading Commission’s Division of Market Oversight today announced it has issued a no-action letter to Cboe Digital Exchange, a designated contract market, which addresses certain procedures related to dormancy.
Bank Policy Institute
BPI and ABA Urge Federal Reserve to Adjust Tailoring Rule Thresholds
June 3, 2026
The Bank Policy Institute and the American Bankers Association submitted a comment letter to the Federal Reserve urging it to modify the thresholds for the Fed’s current tailoring rule, which determines regulatory thresholds for banks of varying sizes, to account for economic growth and inflation in recent years.
International
European Banking Authority
ESAs Publish First Report on DORA Major ICT-Related Incidents
June 3, 2026
The European Supervisory Authorities (EBA, EIOPA and ESMA) published their first annual overview of major ICT-related incidents in the EU financial sector based on a reporting mechanism established by the Digital Operational Resilience Act.
Financial Conduct Authority
FCA Warns Football Clubs on Questionable Sponsorship Deals With Unauthorized Financial Firms
June 3, 2026
The Financial Conduct Authority is warning football clubs not to put their fans’ cash at risk by signing sponsorship deals with financial firms that are not allowed to operate in the U.K.
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
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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