PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday, January 9, 2026
January 09, 2026
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Major Developments
Office of the Comptroller of the Currency
National Bank Non-Fiduciary Activities: Notice of Proposed Rulemaking
January 8, 2026
The Office of the Comptroller of the Currency (OCC) issued a notice of proposed rulemaking to clarify the authority of national banks limited to the operations of trust companies and activities related thereto to engage in non-fiduciary activities in addition to their fiduciary activities.
Financial Conduct Authority
Guidance on New Regime for Crypto-Asset Regulation
January 8, 2026
The Financial Conduct Authority released guidance on a new regime for crypto-asset regulation.
Federal Agencies
U.S. Department of the Treasury
Treasury Announces Immediate US Withdrawal From Green Climate Fund
January 8, 2026
The U.S. Department of the Treasury has notified the Green Climate Fund (GCF) that the United States is withdrawing from the fund and stepping down from its seat on the GCF board, effective immediately.
Remarks by Secretary Bessent Before the Economic Club of Minnesota
January 8, 2026
U.S. Secretary of the Treasury Scott Bessent gave remarks before the Economic Club of Minnesota.
Federal Reserve Board
Working Paper: ‘Firm Dynamics, Inflation, and the Transmission of Monetary Policy’
January 8, 2026
The Federal Reserve Board published a working paper titled “Firm Dynamics, Inflation, and the Transmission of Monetary Policy.”
Federal Reserve Bank of New York
Labor Market Expectations Deteriorate as Job Finding Expectations Reach Series Low
January 8, 2026
The Federal Reserve Bank of New York’s Center for Microeconomic Data released the December 2025 Survey of Consumer Expectations, which shows that households’ inflation expectations increased at the short-term horizon and remained unchanged at the medium- and longer-term horizons.
Blog: ‘Measuring Labor Market Tightness: Data Update and New Web Feature’
January 8, 2026
The Federal Reserve Bank of New York published a Liberty Street Economics blog post titled “Measuring Labor Market Tightness: Data Update and New Web Feature.”
Securities and Exchange Commission
SEC Proposes Amendments to the Small Entity Definitions for Investment Companies and Investment Advisers
January 7, 2026
The Securities and Exchange Commission proposed amendments to the rules that define which registered investment companies, investment advisers and business development companies qualify as small entities for purposes of the Regulatory Flexibility Act.
Commodity Futures Trading Commission
CFTC Staff Issues No-Action Letter Regarding Event Contracts
January 8, 2026
The Commodity Futures Trading Commission’s Division of Market Oversight and the Division of Clearing and Risk announced they have taken a no-action position regarding swap data reporting and recordkeeping regulations for certain binary and bounded swap contracts in response to a request from Bitnomial Exchange, LLC, a designated contract market, and Bitnomial Clearinghouse, LLC, a registered derivatives clearing organization.
FINRA
FINRA Requests Comment on Rule Revisions to Prevent Fraud and Financial Exploitation
January 8, 2026
FINRA is seeking comment on proposed rule modernization changes to further assist member firms protect senior investors from financial exploitation and all investors from fraud.
Ginnie Mae
Global Markets Analysis Report — December 2025
January 8, 2026
Ginnie Mae released the Global Markets Analysis Report for December 2025.
State Agencies
New York State Department of Financial Services
DFS Finalizes New Rule Ensuring Equitable Access to Home Loans for New Yorkers
January 8, 2026
The New York State Department of Financial Services announced a new regulation to help ensure nonbank mortgage lenders are meeting the needs of the communities they serve.
International
European Banking Authority
ESAs Publish Joint Guidelines on ESG Stress Testing
January 8, 2026
The European Supervisory Authorities (EBA, EIOPA and ESMA) published joint guidelines on environmental, social and governance (ESG) stress testing.
EBA Publishes Final Draft Technical Standards to Strengthen Supervisory Cooperation for Third-Country Branches
January 8, 2026
The European Banking Authority published its final draft Regulatory Technical Standards (RTS) on cooperation and colleges of supervisors for third-country branches.
Bank of England
Monthly Decision Maker Panel Data — December 2025
January 8, 2026
The Bank of England released the Decision Maker Panel data for December 2025.
Financial Conduct Authority
Pension Value to Be Put Under the Spotlight
January 8, 2026
The Financial Conduct Authority, the Department for Work and Pensions and The Pensions Regulator announced proposals that would require pension schemes to publish clear data on their performance, costs and quality of service.
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
Practice Areas
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