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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Thursday, March 19, 2026

March 19, 2026

Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe

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Federal Reserve Board

Federal Reserve Issues FOMC Statement as Committee Votes to Maintain Rate

March 18, 2026

The Federal Open Markets Committee decided in a March 17-18 meeting to maintain the target range for the federal funds rate at 3.5% to 3.75%.

Federal Reserve Board and Federal Open Market Committee Release Economic Projections

March 18, 2026

The Federal Reserve Board and Federal Open Market Committee released economic projections following the FOMC’s March 17-18 meeting.

Securities and Exchange Commission

Speech: ‘Regulation Crypto Assets: A Token Safe Harbor’

March 17, 2026

Securities and Exchange Commission (SEC) Chair Paul S. Atkins gave a speech titled “Regulation Crypto Assets: A Token Safe Harbor” at the D.C. Blockchain Summit.

Speech

Statement: ‘The Last Chapter in the Book of Howey’

March 17, 2026

SEC Division of Corporation Finance Director James Moloney issued a statement titled “The Last Chapter in the Book of Howey” following the division’s interpretive release on the application of the federal securities laws to crypto assets.

Congress

U.S. House of Representatives

Committee on Financial Services

Hearing: ‘Revisiting the Treasury-Fed Accord’

March 18, 2026

The U.S. House Committee on Financial Services Task Force on Monetary Policy, Treasury Market Resilience and Economic Prosperity held a hearing titled “Revisiting the Treasury-Fed Accord.”

Hearing: ‘Oversight of the Export-Import Bank’

March 18, 2026

The U.S. House Committee on Financial Services Subcommittee on National Security, Illicit Finance and International Financial Institutions held a hearing titled “Oversight of the Export-Import Bank.” The subcommittee heard testimony from John Jovanovic, president and chairman of the Export-Import Bank of the United States.

Committee on Small Business

Hearing: ‘Connecting SBA to Main Street: Examining the SBA Office of Field Operations’

March 18, 2026

The U.S. House Committee on Small Business held a hearing titled “Connecting SBA to Main Street: Examining the SBA Office of Field Operations.”

Federal Agencies

National Credit Union Administration

NCUA Releases Q4 2025 State-Level Credit Union Data Report

March 18, 2026

The National Credit Union Administration released its Q4 state-level credit union data report for 2025.

Federal Housing Finance Agency

Fannie Mae and Freddie Mac Remove Certain Homeowners Insurance Requirements to Reduce Costs

March 18, 2026

Fannie Mae and Freddie Mac released new mortgage rules to help lower home insurance bills, especially in rural areas and condo buildings.

Bank Policy Institute

Blog: ‘The Evolving Competition from Nonbanks in Retail Banking Markets: Evidence from the Survey of Consumer Finances’

March 18, 2026

The Bank Policy Institute published a blog post titled “The Evolving Competition from Nonbanks in Retail Banking Markets: Evidence from the Survey of Consumer Finances.”

Blog

International

European Commission

Commission Presents Proposal for EU Inc.

March 17, 2026

The European Commission presented its proposal for EU Inc., a new single set of corporate rules, to build the cornerstone and starting point for the EU’s 28th regime. EU Inc. is an optional, digital-by-default European corporate framework.

Commissioner Albuquerque Delivers Speech at European Mobile Payment Systems Association Annual Conference 2026

March 17, 2026

European Commissioner Maria Luis Albuquerque gave a speech via video message at the European Mobile Payment Systems Association Annual Conference 2026.

Speech

Bank of England

Policy Statement and Consultation Paper: ‘Operational resilience: operational incident and outsourcing and third-party reporting for FMIs’

March 18, 2026

The Bank of England released a policy statement and consultation paper titled “Operational resilience: operational incident and outsourcing and third-party reporting for FMIs.”

Policy Statement

Bank of England Releases Supervisory Statements

March 18, 2026

The Bank of England released the following supervisory statements:

Bank of England Prudential Regulation Authority

Policy Statement: ‘Operational resilience: Operational incident and third-party reporting’

March 18, 2026

The Prudential Regulation Authority (PRA) released a policy statement titled “Operational resilience: Operational incident and third-party reporting.”

Policy Statement

Supervisory Statement: ‘Operational resilience: Incident reporting’

March 18, 2026

The PRA released a supervisory statement titled “SS1/26 – Operational resilience: Incident reporting.”

Supervisory Statement

Financial Conduct Authority

FCA Confirms New Incident and Third-Party Rules to Bolster Resilience

March 18, 2026

The Financial Conduct Authority has confirmed new rules to make existing incident and third-party reporting clearer, more consistent and easier for firms to follow.

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