PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday, September 17, 2026
September 17, 2026
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Major Developments
Securities and Exchange Commission
SEC Issues ‘Innovation Exemption’ to Facilitate the Trading of Tokenized NMS Stock
September 17, 2026
The Securities and Exchange Commission issued an order granting a five-year conditional exemption to tokenized securities venues from the definition of “exchange” under the Securities Exchange Act of 1934 to trade tokenized National Market System stock using innovative permissioned automated market makers and liquidity pools over public, permissionless blockchains.
- Press Release
- Order
- Fact Sheet
- Chair Atkins Statement
- Commissioner Peirce Statement
- Commissioner Uyeda Statement
Federal Agencies
Federal Reserve Board
Federal Reserve issues FOMC Statement and FOMC Raises Rates
September 16, 2026
The Federal Open Market Committee issued a statement following a 12-0 vote to raise the target range for the federal funds rate by 1/4 of a percentage point to 3-3/4 to 4%.
Federal Reserve Board and Federal Open Market Committee Release Economic Projections From the FOMC meeting
September 16, 2026
The Federal Reserve and Federal Open Market Committee released economic projections made by Federal Open Market Committee participants in conjunction with the Sept. 15-16 meeting.
Federal Reserve Bank of New York
Business Leaders Survey — September 2026
September 16, 2026
The Federal Reserve Bank of New York published the September 2026 Business Leaders Survey.
Conference of State Bank Supervisors
CSBS Announces AI Supervisory Framework
September 16, 2026
The Conference of State Bank Supervisors released a new supervisory resource to support state examiners in assessing the use and risks of artificial intelligence at state-chartered banks and state-licensed nonbank financial institutions.
Securities and Exchange Commission
SEC Proposes Rescission of Shareholder Proposal Rule and Reforms to Proxy Solicitation Process
September 16, 2026
The Securities and Exchange Commission proposed to rescind Rule 14a-8 under the Securities Exchange Act of 1934, which exceeds the scope of the commission’s statutory authority and intrudes into matters of state law. The commission separately proposed rule amendments to modernize the proxy solicitation process.
- Press Release
- Proposed Rule – 14a-8
- Fact Sheet – 14a-8
- Proposed Rule – Proxy Solicitation Modernization
- Fact Sheet – Proxy Solicitation Modernization
- Chair Paul S. Atkins Statement
- Commissioner Hester M. Peirce Statement
- Commissioner Mark T. Uyeda Statement
Statement on Non-Solicitor Municipal Advisors’ Role in Disclosure
September 16, 2026
The Securities and Exchange Commission’s Office of Municipal Securities released a statement on non-solicitor municipal advisors’ role in disclosure.
Speech: ‘EXAMS Accessible and Integrated’
September 16, 2026
Securities and Exchange Commission Division of Examinations Director Keith Cassidy gave a speech titled “EXAMS Accessible and Integrated” at ICI’s “Compliance, Risk and Legal” conference.
Financial Crimes Enforcement Network
Treasury Convenes Global Financial Institutions to Advance Iran Sanctions Regime
September 16, 2026
The Department of the Treasury’s Financial Crimes Enforcement Network led a FinCEN Exchange with global financial institutions to advance the U.S. sanctions regime against Iran.
US Small Business Administration
SBA OIG Launches Operation NO DOZE to Target PPP and COVID EIDL Fraud
September 16, 2026
The Small Business Administration Office of Inspector General announced Operation NO DOZE, a targeted investigative and enforcement initiative focused on fraud involving the Paycheck Protection Program and COVID-19 Economic Injury Disaster Loan program.
International
UK Financial Conduct Authority
Crypto Firms Get Guidance on How the New Regime Applies
September 16, 2026
The Financial Conduct Authority released new guidance to help firms understand how the law underpinning the U.K.’s future cryptoasset regime applies to their business. It also sets out which activities may require FCA authorization.
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
Practice Areas
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