Insights

PH FedACTion: Financial Regulatory Updates

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

March 27, 2026

Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe

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Congress

U.S. Senate

Committee on Banking, Housing and Urban Affairs

Hearing: ‘Export-Import Bank Reauthorization’

March 26, 2026

The U.S. Senate Committee on Banking, Housing and Urban Affairs held a hearing titled “Export-Import Bank Reauthorization.” The committee heard testimony from John Jovanovic, president and chairman of the Export-Import Bank.

U.S. House of Representatives

Committee on Financial Services

Hearing: ‘Innovation at the Speed of Markets: How Regulators Keep Pace with Technology’

March 26, 2026

The U.S. House Committee on Financial Services Subcommittee on Digital Assets, Financial Technology and Artificial Intelligence held a hearing titled “Innovation at the Speed of Markets: How Regulators Keep Pace with Technology.” The subcommittee heard testimony from:

Randall Guynn, director of the Federal Reserve Board’s Division of Supervision and Regulation.
Jay Gallagher, senior deputy comptroller and chief of national bank examiner at the Office of the Comptroller of the Currency.
Ryan Billingsley, director of the Division of Risk Management Supervision at the Federal Deposit Insurance Corporation.
Amanda Parkhill, acting director of the Office of Examinations and Insurance at the National Credit Union Administration.
Hearing
Committee Memorandum
Press Release
Subcommittee Chair Steil Statement
Ranking Member Waters Statement
Fed Director Guynn Testimony
Senior Deputy Comptroller Gallagher Testimony
FDIC Director Billingsley Testimony
NCUA Acting Director Parkhill Testimony

Hearing: ‘Mitigation and Multiple Loss Properties: Factors Influencing the High Cost of Flooding’

March 26, 2026

The U.S. House Committee on Financial Services Subcommittee on Housing and Insurance held a hearing titled “Mitigation and Multiple Loss Properties: Factors Influencing the High Cost of Flooding.”

Federal Agencies

U.S. Department of the Treasury

Treasury Announces President Trump’s Signature to Appear on Future US Paper Currency

March 26, 2026

The U.S. Department of the Treasury announced that President Donald J. Trump’s signature will appear on future U.S. paper currency along with the Treasury Secretary’s.

Press Release

Federal Reserve Board

Senior Credit Officer Opinion Survey — March 2026

March 26, 2026

The Federal Reserve Board released the March 2026 Senior Credit Officer Opinion Survey.

Survey

Working Paper: ‘A User’s Guide to Reducing the Federal Reserve’s Balance Sheet’

March 26, 2026

The Federal Reserve Board published a working paper titled “A User’s Guide to Reducing the Federal Reserve’s Balance Sheet.”

Paper

Speech: ‘Prospects for Shrinking the Fed’s Balance Sheet’

March 26, 2026

Federal Reserve Board Gov. Stephen I. Moran gave a speech titled “Prospects for Shrinking the Fed’s Balance Sheet” at the Economic Club of Miami.

Speech

Speech: ‘Reflections on Financial Stability’

March 26, 2026

Federal Reserve Board Gov. Lisa D. Cook gave a speech titled “Reflections on Financial Stability” at the Yale University School of Management’s Program on Financial Stability in New Haven, CT.

Speech

Federal Deposit Insurance Corporation

OIG Report: ‘Top Management and Performance Challenges Facing the Federal Deposit Insurance Corporation’

March 26, 2026

The Office of Inspector General of the Federal Deposit Insurance Corporation published a report titled “Top Management and Performance Challenges Facing the Federal Deposit Insurance Corporation.”

Report

Financial Stability Oversight Council

Officials Deliver Remarks at Financial Stability Oversight Council Meeting

March 26, 2026

Conference of State Bank Supervisors Representative Lise Kruse, Comptroller of the Currency Jonathan V. Gould and Securities and Exchange Commission Chair Paul S. Atkins gave remarks at the Financial Stability Oversight Council Meeting on March 25.

International

Bank of England
Prudential Regulatory Authority

Bank of England Streamlines Reporting and Disclosure Requirements for Bank Failure Regime

March 26, 2026

The Bank of England and Prudential Regulation Authority finalized a package of changes to firms’ resolution reporting and disclosure requirements. The package aims to reduce the burden of regulation while maintaining a robust and credible regime that supports growth and competition.

Financial Conduct Authority

FCA Sets Out Next Phase of Smarter, More Effective Regulation

March 26, 2026

The Financial Conduct Authority set out plans for using AI to speed up authorizations and testing new tools to identify key risks earlier, “with our people remaining at the heart of decision-making.” The FCA also published a consultation on its fees and levies for the year ahead, a perimeter report for 2026-27 and regulatory priorities.

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