PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Wednesday, July 15, 2026
July 15, 2026
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Congress
US House of Representatives
Committee on Financial Services
Hearing: ‘The Federal Reserve’s Semi-Annual Monetary Policy Report’
July 14, 2026
The House Committee on Financial Services held a hearing titled “The Federal Reserve’s Semi-Annual Monetary Policy Report.” The committee heard testimony from Federal Reserve Board Chair Kevin M. Warsh.
- Hearing
- Committee Memorandum
- Fed Chair Warsh Testimony
- Committee Chair Hill Statement
- Ranking Member Waters Statement
Committee on Small Business
Hearing: ‘AI on Main Street: How AI is Shaping the Future of Small Business’
July 14, 2026
The House Committee on Small Business held a hearing titled “AI on Main Street: How AI is Shaping the Future of Small Business.”
Federal Agencies
US Department of the Treasury
US-UK Transatlantic Taskforce for the Markets of the Future Publishes Recommendations to Promote Growth and Innovation in Capital Markets and Digital Assets
July 14, 2026
The Department of the Treasury and HM Treasury jointly published a set of recommendations of the Transatlantic Taskforce for Markets of the Future. The United States and the U.K. also released a joint statement on stablecoins.
Treasury International Capital Data for May
July 14, 2026
The Department of the Treasury released Treasury International Capital data for May. The next release, which will report on data for June, is scheduled for Aug. 17.
Federal Reserve Board
Minutes of the Board's Discount Rate Meetings on June 8 and June 17
July 14, 2026
The Federal Reserve Board released the minutes from its recent meetings held June 8 and June 17 to review and determine the discount rates provided to depository institutions through the discount window.
Speech: ‘Will Artificial Intelligence Broadly Raise Living Standards or Drive Income and Wealth Inequality?’
July 14, 2026
Federal Reserve Board Gov. Michael S. Barr gave a speech titled “Will Artificial Intelligence Broadly Raise Living Standards or Drive Income and Wealth Inequality?” at “Next-Gen Financial Inclusion,” the third annual Financial Inclusion Conference hosted by the Federal Reserve Board in Washington, D.C.
Speech: ‘Responsible Innovation and Financial Inclusion’
July 14, 2026
Federal Reserve Board Vice Chair for Supervision Michelle W. Bowman gave a speech via pre-recorded video titled “Responsible Innovation and Financial Inclusion” at “Next-Gen Financial Inclusion,” the third annual Financial Inclusion Conference hosted by the Federal Reserve Board in Washington, D.C.
Conference of State Bank Supervisors
Community Bankers Continue Rosy Outlook Despite Concerns
July 13, 2026
Community bankers nationwide remain broadly optimistic about future economic conditions at the year’s midpoint, according to the Conference of State Bank Supervisors’ second quarter 2026 Community Bank Sentiment Index poll.
International
European Commission
Review Finds Foreign Subsidies Regulation Fit for Purpose as Commission Considers Targeted Changes
July 14, 2026
The European Commission’s first review of the Foreign Subsidies Regulation has found that the regulation is fit for purpose to address distortions in the internal market caused by foreign subsidies. But the review also highlighted some areas of concern, and the commission will launch initiatives to make targeted adjustments to the FSR procedural framework.
Bank of England Prudential Regulation Authority
Financial Conduct Authority
PRA and FCA Propose New Captive Insurance Regime to Drive UK Growth and Competitiveness
July 14, 2026
The Prudential Regulation Authority and Financial Conduct Authority are consulting on a tailored and competitive regulatory framework that would enable businesses to establish their own captive insurers in the U.K.
Bank of England Prudential Regulation Authority
Policy Statement: ‘PRA Rule Changes to Accommodate HM Treasury’s Overseas Prudential Requirements Regime’
July 14, 2026
The Prudential Regulation Authority released a policy statement titled “PRA rule changes to accommodate HM Treasury’s Overseas Prudential Requirements Regime.”
Consultation Paper: ‘Ring-Fenced Bodies: Changes to the Continuity of Provision of Services Rules’
July 14, 2026
The Prudential Regulation Authority released a consultation paper titled “Ring-fenced bodies: Changes to the continuity of provision of services rules.”
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
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