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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Wednesday, March 18, 2026

March 18, 2026

Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe

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Congress

U.S. House of Representatives

Committee on Financial Services

Hearing: ‘Updating America’s Financial Privacy Framework for the 21st Century’

March 17, 2026

The U.S. House Committee on Financial Services held a hearing titled “Updating America’s Financial Privacy Framework for the 21st Century.”

Federal Agencies

Federal Reserve Bank of New York

Business Leaders Survey — March 2026

March 17, 2026

The Federal Reserve Bank of New York published the Business Leaders Survey results for March 2026.

Securities and Exchange Commission

SEC Publishes Data on Offerings and Key Market Participants

March 17, 2026

The Securities and Exchange Commission’s (SEC) Division of Economic and Risk Analysis (DERA) published a new report on security based swap dealers (SBSDs) and updated statistics and data visualizations on initial public offerings, follow-on registered offerings, corporate bond offerings, Regulation A offerings, Regulation Crowdfunding offerings, Regulation D offerings, municipal advisors, transfer agents, SBSDs, asset-backed securities and commercial mortgage-backed securities issuances.

SEC Clarifies Application of Federal Securities Laws to Crypto Assets

March 17, 2026

The SEC issued an interpretation clarifying how the federal securities laws apply to certain crypto assets and transactions involving crypto assets.

Commodity Futures Trading Commission

CFTC Joins SEC to Clarify Application of Federal Securities Laws to Crypto Assets

March 17, 2026

The Commodity Futures Trading Commission (CFTC) joined the SEC in issuing an interpretation clarifying how the federal securities laws apply to certain crypto assets and transactions involving crypto assets.

CFTC Staff Issues No-Action Position to Self-Custodial Crypto Asset Wallet Software Provider

March 17, 2026

The CFTC’s Market Participants Division announced it has issued a no-action position in response to a request from Phantom Technologies, a developer of self-custodial crypto asset wallet software.

Consumer Financial Protection Bureau

CFPB Releases No FEAR Act Annual Report for FY 2025

March 17, 2026

The Consumer Financial Protection Bureau released its annual report for fiscal year 2025 on the Notification and Federal Employee Antidiscrimination and Retaliation Act of 2002 (No FEAR Act).

Report

U.S. Small Business Administration

OIG Report: ‘SBA’s Screening of 7(a) Loan Applications Under its Risk Mitigation Framework’

March 17, 2026

The Office of Inspector General of the Small Business Administration released a report titled “SBA’s Screening of 7(a) Loan Applications Under its Risk Mitigation Framework.”

Report

International

European Banking Authority

EBA Consults on Regulatory Products on Initial Margin Model Authorization

March 17, 2026

The European Banking Authority (EBA) launched two public consultations on draft guidelines and draft Regulatory Technical Standards (RTS) on initial margin model authorization under the European Market Infrastructure Regulation.

EBA Issues Revised List of ITS Validation Rules

March 17, 2026

The EBA issued an updated list of validation rules under its Implementing Technical Standards on supervisory reporting.

Press Release

Bank of England Prudential Regulation Authority

PRA Publishes Liquidity Reform Proposals

March 17, 2026

The Prudential Regulation Authority (PRA) published proposals to ensure banks can monetize liquid assets quickly in a fast-paced stress event, such as the collapse of Silicon Valley Bank in 2023.

Speech: ‘Modernising the liquidity framework for banks and building societies’

March 17, 2026

PRA Director Phil Evans gave a speech titled “Modernising the liquidity framework for banks and building societies” at the University of Leeds’ Cloth Hall Court in Leeds, U.K.

Speech

Financial Conduct Authority

FCA Releases Regulatory Priorities for Consumer Finance

March 17, 2026

The Financial Conduct Authority released its regulatory priorities for consumer finance.

Report

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)

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