PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Wednesday, June 10, 2026
June 10, 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: ‘Converging Criminal Enterprises: Chinese Money Laundering Networks and Cartel Financing in the US Financial System’
June 9, 2026
The Committee on Financial Services Subcommittee on Oversight and Investigations held a hearing titled “Converging Criminal Enterprises: Chinese Money Laundering Networks and Cartel Financing in the U.S. Financial System.”
Federal Agencies
Conference of State Bank Supervisors
Comment Letter: ‘FDIC Stablecoin Rules Must Respect State Authority and Address Issuer Risks’
June 9, 2026
In a comment letter, the Conference of State Bank Supervisors recommended changes to the Federal Deposit Insurance Corporation’s proposed rule to implement the GENIUS Act.
Federal Deposit Insurance Corporation
Speech: ‘Rethinking Resolution Readiness: Learning from Experience and Sharpening Focus’
June 9, 2026
Federal Deposit Insurance Corporation Chair Travis Hill gave a speech titled “Rethinking Resolution Readiness: Learning from Experience and Sharpening Focus” at the Chamber of Commerce.
FINRA
Guidance on the Application of FINRA Rules in Relation to the SEC No-Action Letter on Personal Services Entities
June 9, 2026
FINRA issued a regulatory notice providing guidance regarding the manner in which FINRA rules apply in relation to the no-action letter issued by Securities and Exchange Commission staff permitting registered representative-owned personal services entities to receive transaction-based compensation without broker-dealer registration, subject to conditions.
National Credit Union Administration
NCUA Releases Q1 2026 Credit Union System Performance Data
June 9, 2026
The National Credit Union Administration released its first quarter credit union system performance data for 2026. According to the latest financial performance data report, total assets in federally insured credit unions rose by $117 billion, or 4.9%, to $2.48 trillion over the year ending in the first quarter of 2026.
International
European Commission
Commission Issues €8 Billion in Its Sixth Syndicated Transaction of 2026
June 9, 2026
The European Commission has raised €8 billion of EU-Bonds in its sixth syndicated transaction for 2026.
Commission Greenlights Slovenia's Sixth Payment Request for €41 Million Under NextGenerationEU
June 9, 2026
The European Commission positively assessed Slovenia’s sixth payment request for €41 million under the Recovery and Resilience Facility.
Bank of England
Mortgage Lenders and Administrators Statistics — Q1
June 9, 2026
The Bank of England released the Mortgage Lenders and Administrators Return statistics for Q1 2026.
Financial Conduct Authority
FCA Proposes Changes to Help More People Access Mortgages
June 9, 2026
The Financial Conduct Authority has proposed mortgage rule changes that would give lenders more flexibility to consider individual circumstances and develop products that better meet people’s needs while maintaining strong consumer protections. Relatedly, the FCA also released a research note titled “Mortgage arrears risk among UK first-time buyers: A survival analysis approach” along with the mortgage lending statistics for Q1 2026.
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)
- 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 (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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