PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Tuesday, January 13, 2026
January 13, 2026
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Major Developments
Federal Reserve Board
Fed Chair Powell Issues Statement on Grand Jury Subpoenas
January 11, 2026
Federal Reserve Chair Jerome H. Powell released a video statement regarding the Department of Justice (DOJ) serving the Federal Reserve with grand jury subpoenas related to Powell’s testimony before the Senate Banking Committee last June.
- Federal Reserve Chair Powell Statement
- Senate Banking Committee Ranking Member Warren Statement
- House Financial Services Committee Ranking Member Waters Statement
Federal Agencies
U.S. Department of the Treasury
G7 Cyber Expert Group Releases Roadmap for Post-Quantum Cryptography in Financial Sector
January 12, 2026
The G7 Cyber Expert Group (CEG) — chaired by the U.S. Department of the Treasury and the Bank of England — released a statement advising financial entities, authorities and suppliers of key considerations and potential activities for transitioning to quantum-resilient technology in a coordinated and timely way.
Federal Reserve Board
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency
Agencies Issue 2025 Shared National Credit Program Report
January 12, 2026
The Federal Reserve Board, Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency released the 2025 Shared National Credit (SNC) report that indicates credit risk associated with large, syndicated bank loans remains moderate.
Working Paper: ‘Productivity and Quality of Multi-product Firms’
January 12, 2026
The Federal Reserve Board published a working paper titled “Productivity and Quality of Multi-product Firms.”
Federal Reserve Bank of New York
Blog: ‘Disability in the Labor Market: Earnings’
January 12, 2026
The Federal Reserve Bank of New York published a Liberty Street Economics blog post titled, “Disability in the Labor Market: Earnings.”
Blog: ‘Disability in the Labor Market: Employment and Participation’
January 12, 2026
The Federal Reserve Bank of New York published a Liberty Street Economics blog post titled “Disability in the Labor Market: Employment and Participation.”
Commodity Futures Trading Commission
Chairman Selig Launches the CFTC Innovation Advisory Committee
January 12, 2026
Commodity Futures Trading Commission Chairman Michael S. Selig launched the Innovation Advisory Committee to gather expertise and recommendations on innovation in financial markets.
Consumer Financial Protection Bureau
CFPB and DOJ Withdraw Joint Statement on Fair Lending and Credit Opportunities for Noncitizen Borrowers
January 12, 2026
The Consumer Financial Protection Bureau and the DOJ announced that they have withdrawn a joint statement regarding the implications of a creditor’s consideration of an individual’s immigration status under the Equal Credit Opportunity Act.
Bank Policy Institute
Banks Respond to Proposed Cap on Credit Card Interest Rates
January 9, 2026
The Bank Policy Institute, American Bankers Association, Consumer Bankers Association, Financial Services Forum and Independent Community Bankers of America issued a joint statement in response to the administration’s announced plans to issue an executive order imposing a temporary 10% cap on credit card interest rates.
International
Financial Conduct Authority
FCA Highlights Good Practice and Risks in Complex ETPs for Retail Investors
January 12, 2026
The Financial Conduct Authority (FCA) reviewed how firms sell complex exchange traded products (ETPs) to retail consumers.
FCA Releases Guidance on Complex Exchange Traded Products
January 12, 2026
The FCA released guidance on good and poor practice related to complex exchange traded products.
Primary Market Bulletin 61
January 12, 2026
The FCA released Primary Market Bulletin 61.
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
Practice Areas
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