PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday, May 7, 2026
May 07, 2026
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Federal Agencies
U.S. Department of the Treasury
Borrowing Advisory Committee Presents Report to Treasury Secretary
May 6, 2026
The Treasury Borrowing Advisory Committee met on May 5 and issued a report to Treasury Secretary Scott Bessent.
Treasury Issues Quarterly Refunding Statement
May 6, 2026
The Treasury Department issued a quarterly refunding statement that it is offering $125 billion of Treasury securities to refund approximately $83.3 billion of privately held Treasury notes maturing on May 15, 2026.
Federal Reserve Bank of New York
Blog: ‘Same Shock, Different Roads? A K‑Shaped Pattern at the Pump’
May 6, 2026
The Federal Reserve Bank of New York published a Liberty Street Economics blog post titled “Same Shock, Different Roads? A K‑Shaped Pattern at the Pump.”
NY Fed Director Delivers Opening Remarks at Federal Reserve Financial and Monetary History Conference
May 6, 2026
Federal Reserve Bank of New York Director of Research Kartik Athreya gave opening remarks at the 2026 Federal Reserve Financial and Monetary History Conference.
Federal Reserve Bank of Boston
Issue Brief: ‘Personal Installment Loans: Context and Patterns Among US Households’
May 6, 2026
The Federal Reserve Bank of Boston published an issue brief titled “Personal Installment Loans: Context and Patterns Among U.S. Households.”
Securities and Exchange Commission
SEC Divisions Issue Staff Guidance Supporting Retirement Plans for Small Businesses
May 5, 2026
Staff in the Securities and Exchange Commission’s (SEC’s) Divisions of Investment Management and Corporation Finance issued guidance addressing certain questions regarding the application of the federal securities laws to pooled employer plans, which help American workers save for retirement.
Statement: ‘Facilitating Access to Trump Accounts’
May 5, 2026
SEC Chair Paul S. Atkins issued a statement following the Division of Trading and Markets granting no-action relief to facilitate the rollout of Trump Accounts while ensuring critical investor protections remain in place.
Financial Stability Oversight Council
Financial Stability Oversight Council Meeting Readout
May 6, 2026
Treasury Secretary Scott Bessent convened a meeting of the Financial Stability Oversight Council in executive session at the Treasury Department.
Financial Crimes Enforcement Network
FinCEN Consolidates and Updates Customer Due Diligence FAQs to Align With Exceptive Relief Order
May 6, 2026
The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) is re-issuing frequently asked questions (FAQs) regarding customer due diligence requirements for covered financial institutions. The updated document aligns certain FAQs with the exceptive relief order that FinCEN issued on Feb. 13, and to consolidate three sets of previously issued FAQs into one document.
National Credit Union Administration
NCUA Announces 11th Round of Deregulation Proposals
May 6, 2026
The National Credit Union Administration (NCUA) announced the 11th round of proposed regulatory changes associated with NCUA’s Deregulation Project.
International
European Commission
Speech: ‘Check against delivery’
May 5, 2026
European Commissioner Maria Luís Albuquerque gave a speech titled “Check against delivery” at the Better Finance’s international conference, “Integrating Capital Markets: Delivering for Retail Investors.”
Financial Conduct Authority
FCA to Review Claims Management Practices
May 6, 2026
The Financial Conduct Authority (FCA) announced that it is launching a review of the claims management market, following concerns that some claims management companies and law firms are failing consumers.
FCA Confirms Competition Act 1998 Investigations
May 6, 2026
Following the publication of financial reporting by PayPal Holdings, the FCA confirmed it is investigating Mastercard, PayPal and Visa under Chapter I in the Competition Act 1998, and Mastercard and Visa under Chapter II in the Competition Act 1998, for suspected anticompetitive conduct linked to the funding and usage of PayPal’s digital wallet.
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
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