PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Monday, May 11, 2026
May 11, 2026
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Federal Agencies
Federal Reserve Board
Speech: ‘Perspectives on Tokenization and Implications for the Financial System’
May 8, 2026
Federal Reserve Board Gov. Lisa D. Cook gave a speech titled “Perspectives on Tokenization and Implications for the Financial System” at the Central Bank of West African States (BCEAO) Conference on Digital Assets in Dakar, Senegal.
Financial Stability Report — May 2026
May 8, 2026
The Federal Reserve Board released the Financial Stability Report for May 2026.
Federal Reserve Bank of New York
Blog: ‘Stress and Strain From NBFIs to Banks’
May 8, 2026
The Federal Reserve Bank of New York published a Liberty Street Economics blog post titled “Stress and Strain From NBFIs to Banks.”
Office of the Comptroller of the Currency
OCC Issues Report on Criminal Regulatory Offenses
May 8, 2026
The Office of the Comptroller of the Currency issued a report to identify criminal regulatory offenses consistent with Section 4 of Executive Order 14294, “Fighting Overcriminalization in Federal Statutes.”
Securities and Exchange Commission
Commissioner Gives Remarks at 13th Annual Conference on Financial Markets Regulation
May 8, 2026
Securities and Exchange Commissioner Hester M. Peirce gave remarks at the 13th Annual Conference on Financial Markets Regulation.
Chair’s Remarks at the Special Competitive Studies Project AI+ Expo
May 8, 2026
Securities and Exchange Commission Chair Paul S. Atkins gave remarks at the Special Competitive Studies Project AI+ Expo.
Commodity Futures Trading Commission
CFTC Issues Proposed Rule to Modify Clearing Requirement for Canadian Dollar- and Mexican Peso-Denominated Interest Rate Swaps
May 8, 2026
The Commodity Futures Trading Commission issued a proposal to modify the CFTC’s swap clearing requirement.
Consumer Financial Protection Bureau
Executive Order 14294 Report: Criminal Regulatory Offenses
May 8, 2026
The Consumer Financial Protection Bureau released a report titled “Executive Order 14294 Report: Criminal Regulatory Offenses.”
U.S. Department of Labor
BLS Releases April Jobs Report
May 8, 2026
The Bureau of Labor Statistics released the Employment Situation Report for April 2026.
International
Bank of England
Working Paper: ‘Trade in services under regulatory barriers: evidence from UK banking’
May 8, 2026
The Bank of England published a staff working paper titled “Trade in services under regulatory barriers: evidence from UK banking.”
Minutes of Market Participants Group meeting — May 2026
May 8, 2026
The Bank of England released the minutes of the Market Participants Group Meeting held May 7.
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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