Daily Financial Regulation Update -- Tuesday, February 10, 2026

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Congress

U.S. Senate

Committee on Banking, Housing and Urban Affairs

Congressional Watchdog Releases Initial Report on CFPB Reorganization

February 9, 2026

The Government Accountability Office (GAO) released its initial report on the Consumer Financial Protection Bureau’s (CFPB) “Status of Reorganization Efforts.” The report was written in response to a request by Sen. Elizabeth Warren (D-MA), the ranking member of the committee, as well as Sen. Andy Kim (D-NJ) and Rep. Maxine Waters (D-CA).

• Report
• Press Release

 

Federal Agencies

Federal Reserve Bank of New York

Labor Market Expectations Improve Slightly; Short-Term Inflation Expectations Decline

February 9, 2026

The Federal Reserve Bank of New York’s Center for Microeconomic Data released the January 2026 Survey of Consumer Expectations, which shows that households’ inflation expectations remained unchanged at the medium- and longer-term horizons and declined at the short-term horizon.

• Survey
• Press Release

 

Securities and Exchange Commission

Remarks at the Asset Management Derivatives Forum 2026: Treasuries and Tokenization

February 9, 2026

Securities and Exchange Commission Commissioner Mark T. Uyeda gave remarks at the Asset Management Derivatives Forum 2026: Treasuries and Tokenization.

• Remarks

 

Commodity Futures Trading Commission

CFTC Targets Relationship Investment Scams With National and International Initiatives

February 9, 2026

The Commodity Futures Trading Commission’s Office of Customer Education and Outreach is leading national and international awareness efforts to warn the public about relationship investment scams, a form of fraud that costs Americans an estimated $10 billion each year.

• Press Release

 

Bank Policy Institute

Banks Caution Against Relaxing Standards for Fed Account Access to Preserve Financial Stability

February 9, 2026

The Bank Policy Institute, Financial Services Forum and The Clearing House Association responded to the Federal Reserve’s request for input on a special-purpose payment account, sometimes referred to as a “skinny master account.”

• Comment Letter
• Press Release

 

International

European Banking Authority

EBA Launches Consultation on Simplifying Credit Risk Framework

February 9, 2026

The European Banking Authority launched a public consultation on its discussion paper regarding the simplification and assessment of the credit risk framework.

• Discussion Paper
• Press Release

 

Financial Conduct Authority

FCA Publishes Letter on Independent Assessment of Proposals to Establish a Future Entity

February 9, 2026

The Financial Conduct Authority published a letter to trade associations to provide an update in the development of a Future Entity for open banking.

• Letter
• Statement

 

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