PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Wednesday, May 20, 2026
May 20, 2026
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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MAJOR DEVELOPMENTS
The White House
Executive Order: ‘Restoring Integrity to America’s Financial System’
May 19, 2026
The president of the United States issued an executive order requiring enhanced know-your-customer reviews to ensure account holders possess lawful immigration status and employment authorization in the United States.
Executive Order: ‘Integrating Financial Technology Innovation into Regulatory Frameworks’
May 19, 2026
The president of the United States issued an executive order to cause the federal government to update regulations to allow for the integration of digital assets and innovative technology into traditional financial services and payment systems. In pertinent part, this executive order requests that the Federal Reserve conduct a comprehensive evaluation of the legal, regulatory and policy framework governing access to Reserve Bank payment accounts and payment services by uninsured depository institutions and nonbank financial companies, including those engaged in digital assets and other novel financial activities (collectively, covered firms), and those functioning as direct participants in real-time (instant) payment networks.
Federal Financial Institutions Examination Council
Agencies Request Comment on Financial Institutions Rating System
May 19, 2026
The Federal Financial Institutions Examination Council is requesting public comment on proposed revisions to the Uniform Financial Institutions Rating System (UFIRS), commonly referred to as the CAMELS rating system.
- Press Release
- Notice and Request for Comment
- FDIC Financial Institution Letter
- FDIC Chair Hill Statement
- OCC Bulletin
- Comptroller Gould Statement
- FFIEC Chair Cooper Statement
Federal Agencies
U.S. Department of the Treasury
Remarks by the Secretary of the Treasury Before the ‘No Money for Terror’ Conference
May 19, 2026
Secretary of the Treasury Scott Bessent gave remarks before the No Money for Terror conference.
Federal Reserve Board
Working Paper: ‘Attention Allocation and Belief Distortions’
May 19, 2026
The Federal Reserve Board published a working paper titled “Attention Allocation and Belief Distortions.”
Federal Reserve Bank of New York
Blog: ‘The Global Credit Cycle in Corporate Bond Returns’
May 19, 2026
The Federal Reserve Bank of New York published a Liberty Street Economics blog post titled “The Global Credit Cycle in Corporate Bond Returns.”
Speech: ‘Reserve Management and the Fed’s System Open Market Account: Recent Experience and Insights from Surveys’
May 19, 2026
Roberto Perli, Federal Reserve Bank of New York manager of the System Open Market Account, gave remarks titled “Reserve Management and the Fed’s System Open Market Account: Recent Experience and Insights from Surveys” at the Federal Reserve Bank of Atlanta 2026 Financial Markets conference, at Fernandina Beach, Florida.
Federal Reserve Bank of Boston
Paper: ‘Why Mortgage Rates Exceed Treasury Yields’
May 19, 2026
The Federal Reserve Bank of Boston published a Current Policy Perspectives paper titled “Why Mortgage Rates Exceed Treasury Yields.”
Securities and Exchange Commission
SEC Proposes Reforms to Help Public Companies Conduct Registered Offerings and Simplify Reporting Requirements
May 19, 2026
The Securities and Exchange Commission proposed amendments to its rules and forms governing registered offerings that are designed to increase efficiency, flexibility and cost savings for public companies while maintaining robust investor protections. The commission also proposed rule amendments to simplify its public company reporting framework and better calibrate disclosure obligations with a company’s size and maturity.
- Press Release
- Proposed Rule — Registered Offering Reform
- Fact Sheet — Registered Offering Reform
- Proposed Rule — Public Company Reporting Framework
- Fact Sheet — Public Company Reporting Framework
- Chair Atkins Statement
- Commissioner Peirce Statement
Commodity Futures Trading Commission
CFTC Sues State of Minnesota to Block State Law
May 19, 2026
The Commodity Futures Trading Commission filed a lawsuit against Minnesota to block a new state law that would make operating or assisting in the operation of a prediction market a criminal felony.
CFTC Staff Issues Advisory on Cooperation in Enforcement Matters
May 19, 2026
The Commodity Futures Trading Commission issued a staff advisory containing the Division of Enforcement’s new policy on cooperation.
FINRA
FINRA Announces Review of Higher-Risk Structured Products
May 19, 2026
FINRA announced that it will review firm practices regarding higher-risk structured products, specifically non-principal protected “worst-of” structured notes.
FINRA Announces Publication of Interpretations and Investor Education Materials Relating to New Intraday Margin Standards
May 19, 2026
FINRA is publishing updated interpretations of its margin rule (FINRA Rule 4210) to provide guidance to members in implementing the new intraday margin standards.
International
Bank of England
10th Edition of the Regulatory Initiatives Grid
May 19, 2026
The Bank of England released the 10th edition of the Regulatory Initiatives Grid published by the Financial Services Regulatory Initiatives Forum.
Discussion Paper: ‘Central counterparty resolution execution and resolvability outcomes’
May 19, 2026
The Bank of England published a discussion paper titled “Central counterparty resolution execution and resolvability outcomes.”
Speech: ‘Modernizing money and markets’
May 19, 2026
Bank of England Deputy Governor Sarah Breeden gave a speech titled “Modernizing money and markets” at City Week 2026.
Financial Conduct Authority
Market Study on Claims Management Services
May 19, 2026
The Financial Conduct Authority is conducting a market study on claims management services.
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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