PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday, May 8, 2026
May 08, 2026
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Federal Agencies
Office of the Comptroller of the Currency
OCC’s Semiannual Risk Perspective Highlights Key Risks in Federal Banking System
May 7, 2026
The Office of the Comptroller of the Currency reported the key issues facing the federal banking system in the Semiannual Risk Perspective for Spring 2026.
US Department of the Treasury
US Treasury Department Hosts Convening With State Insurance Commissioners on Private Credit and Insurance Sector
May 7, 2026
Secretary of the Treasury Scott Bessent met with state insurance commissioners and the National Association of Insurance Commissioners. Secretary Bessent and the state insurance commissioners discussed the U.S. life insurance sector, including recent developments in private credit markets, the movement of U.S. life and annuity reserves to offshore jurisdictions, and state and NAIC regulatory responses.
Federal Reserve Board
G.19: Consumer Credit Data — March 2026
May 7, 2026
The Federal Reserve Board released the G.19 consumer credit data from March 2026.
Federal Reserve Bank of New York
New York Fed Report Finds Low-Income Counties Struggle to Access Affordable Credit
May 7, 2026
The Federal Reserve Bank of New York released a report by its Community Development team finding that the 55 million U.S. households that have trouble affording necessities also struggle to access affordable credit.
Report: ‘Bayesian Persuasion and Cryptography’
May 7, 2026
The Federal Reserve Bank of New York published a staff report titled “Bayesian Persuasion and Cryptography.”
Survey of Consumer Expectations: Short-Term Inflation Expectations Increase Further, Longer-Term Expectations Stable
May 7, 2026
The Federal Reserve Bank of New York’s Center for Microeconomic Data released the April 2026 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.
Conference of State Bank Supervisors
Blog: ‘NMLS Changes Create Greater Efficiencies for State-licensed Individuals and Companies’
May 7, 2026
The Conference of State Bank Supervisors published a blog post titled “NMLS Changes Create Greater Efficiencies for State-licensed Individuals and Companies.”
Securities and Exchange Commission
SEC Commissioner Gives Remarks at Financial Market Regulation Conference
May 7, 2026
Securities and Exchange Commission Commissioner Mark T. Uyeda gave remarks at the 13th Annual Conference on Financial Market Regulation.
International
European Banking Authority
EBA Amends Guidelines on Definition of Default
May 7, 2026
The European Banking Authority (EBA) published its final report amending the guidelines on the application of the definition of default.
EBA Consults on Risk Weights to Specialized Lending Exposures Under the Supervisory Slotting Criteria Approach
May 7, 2026
The EBA launched a public consultation on proposed amendments to its Regulatory Technical Standards, set out in a Delegated Regulation, on the assignment of risk weights to specialized lending exposures under the Supervisory Slotting Criteria Approach.
Bank of England
Minutes of February 2026 Court of Directors Meeting
May 7, 2026
The Bank of England released the minutes of the Court of Directors meeting held Feb. 12, 2026.
Financial Conduct Authority
Guidance: ‘Payment Services and Electronic Money – Our Approach’
May 7, 2026
The Financial Conduct Authority published guidance titled “Payment Services and Electronic Money – Our Approach.”
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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