Daily Financial Regulation Update -- Tuesday, July 14, 2026

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Major Developments

Federal Deposit Insurance Corporation

National Credit Union Administration

Office of the Comptroller of the Currency

Agencies Issue Guidance on Lending to Individuals Not Legally Authorized to Work in the US

July 13, 2026

The Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation and the National Credit Union Administration issued guidance to remind supervised financial institutions of their existing obligations with respect to credit risk management, particularly as it relates to borrowers who are not legally authorized to work in the United States.

• Press Release
• Guidance
• FDIC Financial Institution Letter
• OCC Bulletin

 

Federal Reserve Board

Speech: ‘Monetary Policy at a Crossroads’

July 13, 2026

Federal Reserve Board Gov. Christopher J. Waller gave a speech titled “Monetary Policy at a Crossroads” at the New York Association for Business Economics in New York City.

• Speech

 

Speech: ‘Modernizing Financial Regulation’

July 13, 2026

Federal Reserve Board Vice Chair for Supervision Michelle W. Bowman gave a speech titled “Modernizing Financial Regulation” at a Bank Policy Institute conference in London.

• Speech

 

Federal Reserve Bank of New York

Report: ‘The International RBC Model Finally Works!’

July 13, 2026

The Federal Reserve Bank of New York published a staff report titled “The International RBC Model Finally Works!”

• Report

 

Commodity Futures Trading Commission

CFTC Approves Final Rule Amending Margin Requirements for Uncleared Swaps

July 13, 2026

The Commodity Futures Trading Commission approved a final rule that amends margin requirements for uncleared swaps for swap dealers and major swap participants who are not subject to prudential regulator margin rules.

• Final Rule
• Press Release

 

International

Bank of England

Speech: ‘Testing Times Require Time for Testing’

July 13, 2026

Bank of England Executive Director Ruth Smith gave a speech titled “Testing times require time for testing” at UK Finance.

• Speech

 

Financial Conduct Authority

Consultation: ‘The Value for Money Framework’

July 13, 2026

The Financial Conduct Authority released a consultation on the Value for Money Framework.

• Consultation

 

Administration Changes

Vacancies

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)
• 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 (effective December 22, 2025)

Consumer Financial Protection Bureau – Russel Vought (Acting Director effective February 10, 2025); Nominee Brian Johnson (nominated June 10, 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