PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday, October 1, 2026
October 01, 2026
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Federal Agencies
US Department of the Treasury
US Department of Education
The Departments of the Treasury and Education Launch New Defaulted Loans Support Center
September 30, 2026
The Department of the Treasury and the Department of Education announced the launch of the Defaulted Loans Support Center, a new online portal that gives Americans with defaulted federal student loans a simpler way to understand their options, address default and return to repayment.
Federal Reserve Board
Federal Reserve Board Finalizes Changes to Enhance the Transparency and Public Accountability of Its Stress Test and Reduce Volatility in Stress Test-Related Capital Requirements
September 30, 2026
The Federal Reserve Board finalized changes to enhance the transparency and public accountability of its stress test and reduce volatility in its stress test-related capital requirements.
- Press Release
- Board Memo
- Final Rule - Modifications to the Capital Plan Rule and Stress Capital Buffer Requirement
- Final Rule - Enhanced Transparency and Public Accountability of the Supervisory Stress Test Models
- Request for Comment on Model Changes
- Stress Test Changes and Effective Dates
- Review of Comments and Summary of Changes
- Dodd-Frank Act Stress Tests 2027
- Fed Governor Barr Statement
- Fed Governor Cook Statement
- Senate Banking Committee Ranking Member Warren Statement
- BPI and ABA Statement
OIG Report: ‘Federal Reserve: Evaluation of the Eccles-1951 Renovation Project Management and Construction Costs’
September 30, 2026
The Office of Inspector General of the Federal Reserve Board published a report titled “Federal Reserve: Evaluation of the Eccles-1951 Renovation Project Management and Construction Costs.”
- Report
- Summary
- Senate Banking Committee Chair Scott Statement
- Senate Banking Committee Ranking Member Warren Statement
Speech: ‘The Dual Mandate in Rural America’
September 30, 2026
Federal Reserve Board Gov. Lisa D. Cook gave a speech titled “The Dual Mandate in Rural America” at the 2026 Investing in Rural America Conference at the Federal Reserve Bank of Richmond in Asheville, North Carolina.
Federal Reserve Bank of New York
Blog: ‘The Role of Repos in Monetary Policy Implementation’
September 30, 2026
The Federal Reserve Bank of New York published a Liberty Street Economics blog post titled “The Role of Repos in Monetary Policy Implementation.”
Federal Reserve Bank of Boston
Study: ‘Liquidity Transformation Risks in US Bank Loan and High-Yield Mutual Funds: A 2026 Update’
September 30, 2026
The Federal Reserve Bank of Boston published a study titled “Liquidity Transformation Risks in U.S. Bank Loan and High-Yield Mutual Funds: A 2026 Update.”
Office of the Comptroller of the Currency
OCC Reports Q2 Bank Trading Revenue
September 30, 2026
The Office of the Comptroller of the Currency reported cumulative trading revenue of U.S. commercial banks and savings associations of $21.6 billion in the second quarter.
Concentrations of Credit: Revised Comptroller’s Handbook Booklet and Rescissions
September 30, 2026
The Office of the Comptroller of the Currency issued version 3.0 of the “Concentrations of Credit” booklet of the Comptroller’s Handbook.
Securities and Exchange Commission
SEC Proposes Amendments to Expand Responsible Retailization of Private Markets
September 30, 2026
The Securities and Exchange Commission voted to propose rule amendments that would facilitate capital formation in the public and private markets by expanding retail investor choice and promoting innovation in regulated fund structures while preserving appropriate investor protections and safeguards.
- Press Release
- Fact Sheet
- Proposed Rule - Investment Adviser Performance-Based Compensation Modernization
- Proposed Rule - Interval Fund Modernization
- Potential Designation of Passage of an Accredited Investor Exam
- Potential Designation of U.S. Certified Public Accountant License
- Potential Designation of Chartered Financial Analyst Designation
- Potential Designation of Certified Financial Planner Certification
- Potential Designations of Series 79, Series 86, and Series 87 Licenses
- SEC Chair Atkins Statement
- SEC Commissioner Peirce Statement
- SEC Commissioner Uyeda Statement
- Senate Banking Committee Ranking Member Warren Statement
Staff Statement on Affiliations Between National Securities Exchanges and Broker-Dealers
September 30, 2026
The Staff of the Division of Trading and Markets of the Securities and Exchange Commission issued a statement regarding the affiliation between registered national securities exchanges and entities that engage in broker-dealer activities on those exchanges.
SEC Commissioner Remarks: ‘The Other AI: Remarks at the Open Commission Meeting on Accredited Investor Notices Under Rule 501(a)(10) of Regulation D’
September 30, 2026
Securities and Exchange Commission Commissioner Hester M. Peirce gave remarks at the Open Commission Meeting on Accredited Investor Notices under Rule 501(a)(10) of Regulation D.
International
European Banking Authority
The EBA Publishes Its 2027 Work Program
September 30, 2026
The European Banking Authority published its Work Program outlining the key areas of focus and deliverables for 2027.
Bank of England
Explainer: ‘How Will AI Affect Jobs and Wages?’
September 30, 2026
The Bank of England published an explainer titled “How will AI affect jobs and wages?”
Systemic Risk Survey Results — 2026 H2
September 30, 2026
The Bank of England released the results for the 2026 H2 Systemic Risk Survey.
Banking Sector Regulatory Capital — Q2
September 30, 2026
The Bank of England released the banking sector regulatory capital statistics for the second quarter.
Financial Policy Committee Record — September
September 30, 2026
The Bank of England released the record from the Financial Policy Committee meeting held Sept. 25.
Bank of England Prudential Regulation Authority
CFO Letter: ‘Thematic Feedback on Accounting for IFRS 9 Expected Credit Losses’
September 30, 2026
Bank of England Executive Director for Prudential Policy David Bailey released a letter to chief financial officers titled “Thematic feedback on accounting for IFRS 9 expected credit losses.”
UK Financial Conduct Authority
FCA Opens the Gateway to Regulated Crypto
September 30, 2026
The Financial Conduct Authority announced that crypto firms can apply for authorization from the FCA.
Finalized Guidance: ‘Non-Handbook Guidance on CRYPTOPRU 7: Overall Risk Assessment for CRYPTOPRU Firms’
September 30, 2026
The Financial Conduct Authority finalized guidance titled “Non-Handbook Guidance on CRYPTOPRU 7: Overall risk assessment for CRYPTOPRU firms.”
Finalized Guidance: ‘Non-Handbook Guidance on COREPRU 7: Overall Risk Assessment’
September 30, 2026
The Financial Conduct Authority finalized guidance titled “Non-Handbook Guidance on COREPRU 7: Overall risk assessment.”
Policy Statement: ‘Aligning Listed Issuers’ Sustainability Disclosures With International Standards’
September 30, 2026
The Financial Conduct Authority released a policy statement titled “Aligning listed issuers' sustainability disclosures with international standards.”
Primary Market Bulletin 66
September 30, 2026
The Financial Conduct Authority released Primary Market Bulletin 66.
Administration Changes
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)
- Acting Director Mark Paoletta (Acting 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 – Mark Paoletta (Acting Director effective August 1, 2026); Nominee Brian Johnson (nominated June 10, 2026 – nomination hearing July 24, 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
