Daily Financial Regulation Update -- Friday, February 27, 2026

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Congress

U.S. Senate

Committee on Banking, Housing and Urban Affairs

Hearing: ‘Update from the Prudential Regulators: Rightsizing Regulation to Promote American Opportunity’

February 26, 2026

The U.S. Senate Committee on Banking, Housing and Urban Affairs held a hearing titled “Update from the Prudential Regulators: Rightsizing Regulation to Promote American Opportunity.” The committee heard testimony from Michelle Bowman, vice chair for supervision of the Board of Governors of the Federal Reserve System; Travis Hill, chairman of the Federal Deposit Insurance Corporation; Jonathan Gould, comptroller of the Office of the Comptroller of the Currency; and Kyle Hauptman, chairman of the National Credit Union Administration.

• Hearing
• Committee Ranking Member Warren Statement
• Fed Vice Chair Bowman Testimony
• FDIC Chair Hill Testimony
• Comptroller Gould Testimony
• NCUA Chair Hauptman Testimony

 

Federal Agencies

U.S. Department of the Treasury
Financial Crimes Enforcement Network

Treasury Proposes Rule to Sever Swiss Bank MBaer’s Access to US Financial System

February 26, 2026

The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) proposed a rule that, if finalized, would sever the access of MBaer Merchant Bank AG (MBaer) to the U.S. financial system. Treasury said the bank provided financial support to illicit actors linked to Russia and Iran.

• Press Release
• Proposed Rule

 

Federal Reserve Board

Working Paper: ‘Contrasting Ledgers: Considerations for US Dollar Interbank Payment Systems’

February 26, 2026

The Federal Reserve Board published a working paper titled “Contrasting Ledgers: Considerations for U.S. Dollar Interbank Payment Systems.”

• Paper

 

Commodity Futures Trading Commission

CFTC Staff Expands No-Action Position on CPO Delegation Arrangements

February 26, 2026

The Commodity Futures Trading Commission Market Participants Division reissued CFTC Staff Letter 25-50 to include an additional no-action position in relation to the interaction between Letter 25-50 and CFTC Staff Letter 14-126 regarding certain delegation arrangements between commodity pool operators (CPOs).

• Staff Letter
• Press Release

 

Federal Housing Finance Agency

Prepayment Monitoring Report for Q4 2025

February 26, 2026

The Federal Housing Finance Agency published the Prepayment Monitoring Report for Q4 2025.

• Report
• Press Release

 

International

European Banking Authority

EBA Issues Opinion on Equivalent Legal Mechanism for Residential Property Construction

February 26, 2026

The European Banking Authority (EBA) published its opinion in response to the European Commission’s amendments to the draft Regulatory Technical Standards (RTS) specifying what constitutes an equivalent legal mechanism to ensure the completion of a residential property under construction within a reasonable timeframe, as laid down in the Capital Requirements Regulation (CRR).

• Press Release
• Opinion
• Letter

 

EBA Kicks Off EU Central Validation of ISDA SIMM

February 26, 2026

The EBA will start the central validation of the International Swaps and Derivatives Association Standard Initial Margin Model (ISDA SIMM) on March 1.

• Decision
• Press Release

 

Bank of England

Bank of England Releases Minutes of December Court of Directors Meeting

February 26, 2026

The Bank of England released the minutes of the Court of Directors meeting held Dec. 9, 2025.

• Minutes

 

Capital Issuance — January 2026

February 26, 2026

The Bank of England released the capital issuance statistics for January 2026.

• Statistics

 

Financial Conduct Authority

Payments Vision Delivery Committee Publishes Payments Forward Plan

February 26, 2026

The Payments Vision Delivery Committee — comprising HM Treasury, the Bank of England, the Financial Conduct Authority and the Payment Systems Regulator — published the Payments Forward Plan.

• Plan
• Statement

 

Speech: ‘Renaissance at market speed: UK wholesale finance in 2026’

February 26, 2026

Financial Conduct Authority Chief Executive Nikhil Rathi gave a speech titled “Renaissance at market speed: UK wholesale finance in 2026” at the Goldman Sachs EMEA Head of Trading Conference 2026.

• Speech

 

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