PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday, September 3, 2026
September 03, 2026
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Congress
US House
Committee on Financial Services
Hearing: ‘Strengthening the American Economy: Promoting Growth, Opportunity and Prosperity’
September 2, 2026
The House Committee on Financial Services held a hearing titled “Strengthening the American Economy: Promoting Growth, Opportunity and Prosperity.”
Committee on Small Business
Hearing: ‘Fueling the Golden Age: Future Resource Needs and Small Business Opportunity’
September 2, 2026
The House Committee on Small Business Subcommittee on Rural Development, Energy and Supply Chains held a hearing titled “Fueling the Golden Age: Future Resource Needs and Small Business Opportunity.”
Federal Agencies
Federal Reserve Board
Federal Deposit Insurance Corporation
National Credit Union Administration
Office of the Comptroller of the Currency
Financial Crimes Enforcement Network
Joint Statement on Suspicious Activity Report Confidentiality Considerations Regarding Communications With Customers
September 2, 2026
The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Office of the Comptroller of the Currency and the Financial Crimes Enforcement Network issued a statement to clarify confidentiality requirements related to Suspicious Activity Reports.
- Joint Statement
- Fed Supervision and Regulation Letter
- FDIC Financial Institution Letter
- OCC Bulletin
- FinCEN Press Release
Federal Reserve Board
Report: The Beige Book — August
September 2, 2026
The Federal Reserve released the Beige Book for August 2026.
OIG Report: ‘The Board Can Strengthen Its Processes for Selecting Certain Federal Reserve Bank Leaders’
September 2, 2026
The Office of Inspector General of the Federal Reserve Board published a report titled “The Board Can Strengthen Its Processes for Selecting Certain Federal Reserve Bank Leaders.”
Working Paper: ‘Linear and Nonlinear Econometric Models Versus Machine-Learning Models: Evidence from Realized-Volatility Forecasting’
September 2, 2026
The Federal Reserve Board revised a working paper published in August 2025 titled “Linear and Nonlinear Econometric Models Versus Machine-Learning Models: Evidence From Realized-Volatility Forecasting.”
Federal Reserve Bank of New York
NY and Dallas Federal Reserve Banks Release FAQs on the Private Credit Survey
September 2, 2026
Following on the recent announcement to survey the private credit market, the Federal Reserve Banks of Dallas and New York have released a set of frequently asked questions to address inquiries about the survey scope and content.
Report: ‘The Implied Equity Term Structure’
September 2, 2026
The Federal Reserve Bank of New York published a staff report titled “The Implied Equity Term Structure.”
Blog: ‘Are Central Banks Moving Out of Dollar Assets?’
September 2, 2026
The Federal Reserve Bank of New York published a Liberty Street Economics blog post titled “Are Central Banks Moving Out of Dollar Assets?”
Federal Reserve Bank of Boston
Paper: ‘Workers’ Perspectives on Artificial Intelligence: Productivity Gains and Job-Loss Fears’
September 2, 2026
The Federal Reserve Bank of Boston published a Current Policy Perspectives paper titled “Workers’ Perspectives on Artificial Intelligence: Productivity Gains and Job-loss Fears.”
Paper: ‘How Concerns about Artificial Intelligence and Affordability Have Affected Workers’ Expectations About Saving’
September 2, 2026
The Federal Reserve Bank of Boston published a Current Policy Perspectives paper titled “How Concerns about Artificial Intelligence and Affordability Have Affected Workers’ Expectations about Saving.”
Commodity Futures Trading Commission
CFTC Issues Final Rule to Modify Clearing Requirement for Canadian Dollar- and Mexican Peso-Denominated Interest Rate Swaps
September 2, 2026
The Commodity Futures Trading Commission issued a final rule to modify its interest rate swap clearing requirement.
CFTC Staff Issues No-Action Letter on Large Trader Reporting for Direct Participants
September 2, 2026
The Commodity Futures Trading Commission’s Division of Market Oversight announced it has issued a no-action letter to Electron Exchange DCM, a designated contract market, which would allow Electron Exchange to submit large trader reporting on behalf of direct participants as if Electron Exchange’s contracts were exclusively self-cleared contracts.
Financial Crimes Enforcement Network
FinCEN Reissues Order Requiring Transparency From MSBs Along Southwest Border
September 2, 2026
The Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) reissued a geographic targeting order to help law enforcement combat illicit activity and associated money laundering by Mexico-based cartels and other criminal actors along the southwest border of the United States.
Bank Policy Institute
Blog: ‘The Growing Faultline in Cyber Defenses: Third-Party Service Providers in the Era of Frontier AI’
September 2, 2026
The Bank Policy Institute published a blog post titled “The Growing Faultline in Cyber Defenses: Third-Party Service Providers in the Era of Frontier AI.”
International
Bank of England
Article: ‘Frontier AI: Harness Engineering’
September 2, 2026
The Bank of England published an article titled “Frontier AI: Harness engineering.”
UK Financial Conduct Authority
Review: ‘Frontier AI and Cyber Resilience’
September 2, 2026
The Financial Conduct Authority published insights from its multifirm review on how frontier AI may affect cyber resilience, governance and vulnerability management for firms.
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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