Daily Financial Regulation Update -- Thursday, February 26, 2026

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Office of the Comptroller of the Currency

OCC Requests Comments on Proposal to Implement GENIUS Act

February 25, 2026

The Office of the Comptroller of the Currency (OCC) issued a notice of proposed rulemaking to implement the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act.  The notice of proposed rulemaking generally sets forth, and seeks comment on, the regulations that would apply to permitted payment stablecoin issuers and foreign payment stablecoin issuers under the OCC’s jurisdiction and certain custody activities conducted by OCC-supervised entities.

The proposed rule addresses all the regulations the OCC is required to promulgate under the GENIUS Act except for those related to the Bank Secrecy Act, Anti-Money Laundering and Office of Foreign Asset Control sanctions. The OCC will address those in a separate rulemaking in coordination with the Department of the Treasury. Comments are due 60 days from the date of publication in the Federal Register.

• Press Release
• Federal Register Notice

 

Congress

U.S. Senate

Committee on Small Business and Entrepreneurship

Hearing: ‘From Fraud to Recovery: Restoring Integrity in Small Business Programs’

February 25, 2026

The U.S. Senate Committee on Small Business and Entrepreneurship held a hearing titled “From Fraud to Recovery: Restoring Integrity in Small Business Programs.” The committee heard testimony from U.S. Small Business Administration Inspector General William “Bill” Kirk and Pandemic Response Accountability Committee Executive Director Kenneth Dieffenbach.

• Hearing
• Inspector General Kirk Testimony
• Executive Director Dieffenbach Testimony

 

Federal Agencies

Federal Reserve Bank of New York

Blog: ‘The Post‑Pandemic Global R*’

February 25, 2026

The Federal Reserve Bank of New York published a Liberty Street Economics blog post titled, “The Post‑Pandemic Global R*.”

• Blog

 

Commodity Futures Trading Commission

Enforcement Division Issues Prediction Markets Advisory

February 25, 2026

The Commodity Futures Trading Commission’s Division of Enforcement issued an advisory following public release of two enforcement cases involving misuse of nonpublic information and fraud with respect to certain prediction markets, also known as event contracts, traded on KalshiEX, a Designated Contract Market.

• Press Release

 

International

European Banking Authority

EBA and ESMA Launch Consultation on Revised Suitability Assessment Framework for Banks and Investment Firms

February 25, 2026

The European Banking Authority (EBA) and the European Securities and Markets Authority launched a consultation on the revised joint guidelines on the assessment of the suitability of members of the management body and key function holders. In parallel, the EBA is consulting on draft Regulatory Technical Standards (RTS) specifying the documentation and information that large institutions must submit to competent authorities. Together, these elements form the Suitability Package, which aims to harmonize suitability assessments and promote supervisory convergence across the EU. The consultations run until May 25.

• Joint ESMA and EBA Guidelines Consultation Paper
• Suitability Questionnaire RTS Consultation Paper
• Press Release

 

EBΑ Concludes Work on Legacy Instruments Monitoring

February 25, 2026

The EBA concluded its dedicated work on monitoring legacy instruments, in line with its longstanding expectation that they should be eliminated over time.

• Press Release

 

Bank of England Prudential Regulation Authority

Consultation Paper: ‘UK Solvency II Own Funds: Updates and fixes to rules and expectations’

February 25, 2026

The Prudential Regulation Authority released a consultation paper titled “UK Solvency II Own Funds: Updates and fixes to rules and expectations.”

• Consultation Paper

 

Financial Conduct Authority

FCA Selects Four Firms to Test Stablecoin Innovation

February 25, 2026

The Financial Conduct Authority (FCA) has chosen four companies to test how their stablecoin services work with proposed regulation in a safe environment.

• Press Release

 

FCA Proposes Action to Close Gaps in Borrowers’ Credit Files

February 25, 2026

The FCA is consulting on designating certain credit reference agencies (CRAs). If a lender shares credit information with one designated consumer CRA, it would be required to share it with them all.

• Consultation Paper
• Press Release

 

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