PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Tuesday, May 19, 2026
May 19, 2026
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Federal Agencies
Federal Reserve Bank of New York
Business Leaders Survey — May 2026
May 18, 2026
The Federal Reserve Bank of New York published the results of the May Business Leaders Survey.
SCE Household Spending Survey — April 2026
May 18, 2026
The Federal Reserve Bank of New York published the results of the April SCE Household Spending Survey.
Blog: ‘Honey, Who Shrunk the US Income Surplus?’
May 18, 2026
The Federal Reserve Bank of New York published a Liberty Street Economics blog post titled “Honey, Who Shrunk the U.S. Income Surplus?”
Federal Deposit Insurance Corporation
National Rates and Rate Caps — May 2026
May 18, 2026
The Federal Deposit Insurance Corporation released the rates and rate caps for May.
Office of the Comptroller of the Currency
OCC Advances Priority of Reducing Regulatory Burden for Community Banks
May 18, 2026
The Office of the Comptroller of the Currency continues to prioritize supervisory and regulatory reforms to reduce the burden for community banks and support their role as drivers of economic growth.
Securities and Exchange Commission
SEC Rescinds Policy Regarding Denials of Settlements in Enforcement Actions
May 18, 2026
The Securities and Exchange Commission rescinded a policy, codified in Rule 202.5(e) of its informal rules of procedures, stating that when it chooses to settle an enforcement action in which a sanction is imposed, it will not settle unless the defendant or respondent also agrees not to publicly deny the allegations in the complaint or administrative order.
US Small Business Administration
OIG Report: ‘Independent Auditors’ Report on SBA’s Fiscal Year 2025 Compliance with the Payment Integrity Information Act of 2019’
May 18, 2026
The Office of Inspector General for the U.S. Small Business Administration published a report titled “Independent Auditors’ Report on SBA’s Fiscal Year 2025 Compliance with the Payment Integrity Information Act of 2019.”
International
Bank of England
Financial Conduct Authority
FCA and Bank of England Set Out Shared Vision for Tokenization in UK Wholesale Markets
May 18, 2026
The Financial Conduct Authority and the Bank of England set out a shared vision and seek industry views on the future of U.K. wholesale markets.
Bank of England
Consultation Paper: ‘Extending RTGS and CHAPS settlement hours — next steps towards near 24x7 settlement’
May 18, 2026
The Bank of England released a consultation paper titled “Extending RTGS and CHAPS settlement hours — next steps towards near 24x7 settlement.”
Bank of England Prudential Regulation Authority
PRA Announces Ring-Fence Change to Reduce Costs
May 18, 2026
The Prudential Regulation Authority has announced plans to consult on reforming rules around shared operational services for ring-fenced banks.
Letter on the Prudential Treatment of Tokenized Assets, Stablecoins and Other Cryptoasset Exposures
May 18, 2026
Bank of England Executive Directors Charlotte Gerken, Rebecca Jackson and David Bailey sent a letter to CEOs of all banks and designated investment firms on the Prudential Regulation Authority’s treatment of tokenized assets, stablecoins and other cryptoasset exposures.
Financial Conduct Authority
FCA Issues Response to the Treasury’s Policy Statement on Consumer Credit Act Reform
May 18, 2026
The Financial Conduct Authority issued its response to HM Treasury’s policy statement on reform of the Consumer Credit Act 1974.
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 – May 15, 2026); Kevin Warsh (confirmed May 13, 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 – 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
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