PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Tuesday, May 26, 2026
May 26, 2026
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Major Developments
Kevin Warsh Sworn In As Fed Chair
May 22, 2026
Kevin Warsh was sworn in at the White House as chairman of the Board of Governors of the Federal Reserve System, succeeding Jerome Powell.
- Senate Banking Committee Chair Tim Scott Statement
- Senate Banking Committee Ranking Member Elizabeth Warren Statement
Federal Deposit Insurance Corporatoin
FDIC Board Approves Compliance Proposal for Stablecoin Issuers
May 22, 2026
The Federal Deposit Insurance Corporation Board of Directors approved a notice of proposed rulemaking that would implement Bank Secrecy Act and sanctions compliance standards applicable to FDIC-supervised permitted payment stablecoin issuers as required by the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act).
Federal Agencies
Federal Reserve Board
Working Paper: ‘The Fed’s Fine-Tune: Coarse Statements and Predictive Pressers’
May 22, 2026
The Federal Reserve Board published a working paper titled “The Fed's Fine-Tune: Coarse Statements and Predictive Pressers.”
Speech: ‘Policy Risks Have Changed’
May 22, 2026
Federal Reserve Gov. Christopher J. Waller gave a speech titled “Policy Risks Have Changed” at the Centre for Central Banking Guest Lecture in Frankfurt, Germany.
Federal Reserve Bank of New York
Speech: ‘The US Economy: National Economic Outlook’
May 22, 2026
Federal Reserve Bank of New York Director of Research Kartik Athreya gave a speech titled “The U.S. Economy: National Economic Outlook” at the 2026 New York State Economic Development Council Annual Meeting.
Securities and Exchange Commission
Three DERA Offices Renamed
May 22, 2026
The Securities and Exchange Commission’s Division of Economic and Risk Analysis (DERA) has made the following office name changes:
|
Former Name |
New Name |
|
Office of Data Science and Innovation (ODSI) |
Office of Innovative Data Engineering Analytics and Standards |
|
Office of Data Science (ODS) |
Office of Advanced Analytics and Artificial Intelligence |
|
Office of Structured Disclosure (OSD) |
Office of Data Standards and Innovation |
International
Bank of England
Working Paper: ‘Digital renaissance amidst crisis: impact of digitalization on firm performance during the pandemic’
May 22, 2026
The Bank of England published a staff working paper titled “Digital renaissance amidst crisis: impact of digitalization on firm performance during the pandemic.”
Working Paper: ‘Quantitative tightening? Britain’s 1980s experiment with overfunding’
May 22, 2026
The Bank of England published a staff working paper titled “Quantitative tightening? Britain’s 1980s experiment with overfunding.”
Working Paper: ‘The role of confidence measures in European unemployment dynamics’
May 22, 2026
The Bank of England published a staff working paper titled “The role of confidence measures in European unemployment dynamics.”
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 – SCOTUS hearing on purported termination to be held in January 21, 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 (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 (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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