PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday, July 2, 2026
July 02, 2026
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Federal Agencies
US Department of the Treasury
Treasury Opens the New Designation Cycle for Opportunity Zones
July 1, 2026
The Department of the Treasury announced the opening of the next nomination period for states, territories and the District of Columbia to nominate eligible communities to be designated as Qualified Opportunity Zones.
Federal Reserve Board
Federal Reserve Issues Initial Findings From Its 2025 Triennial Payments Study
July 1, 2026
The Federal Reserve issued initial findings from its 2025 triennial payments study.
Federal Reserve Bank of New York
Blog: ‘The Disappearing Overnight Drift’
July 1, 2026
The Federal Reserve Bank of New York published a Liberty Street Economics blog post titled “The Disappearing Overnight Drift.”
Securities and Exchange Commission
SEC Publishes Updated Market Statistics, Highlighting Increase in IPOs and Proceeds Raised
July 1, 2026
The Securities and Exchange Commission’s Division of Economic and Risk Analysis published updated statistics and data visualizations covering key segments of the U.S. capital markets, including three new asset-backed securities (ABS) issuance data visualizations, one new municipal advisor data visualization and additional historical statistics for issuances of ABS and commercial mortgage-backed securities.
US Small Business Administration
Audit Report on SBA’s Handling of Disaster Assistance Loan Real Estate Foreclosures
July 1, 2026
The Office of Inspector General issued an audit report to evaluate the Small Business Administration’s foreclosure process from when a loan is placed in liquidation.
Bank Policy Institute
Blog: ‘The 2026 Federal Reserve Stress Test Results: A Framework in Transition’
July 1, 2026
The Bank Policy Institute published a blog post titled “The 2026 Federal Reserve Stress Test Results: A Framework in Transition.”
International
European Banking Authority
The EBA Launches Consultation on Key Performance Indicators of Taxonomy Disclosures
July 1, 2026
The European Banking Authority published a discussion paper on certain key performance indicators and other aspects of the Disclosures Delegated Act under Article 8 of the Taxonomy Regulation.
Bank of England Prudential Regulation Authority
FSCS Protected Deposit Reporting Requirements
July 1, 2026
The Prudential Regulation Authority has recently received a number of queries from firms relating to the identification, marking and reporting of FSCS protected deposits.
Administration Changes
Vacancies
Appointments/Confirmation Hearings
U.S. Department of the Treasury – Scott Bessent (effective January 27, 2025)
Federal Reserve Board – Kevin Warsh (effective May 22, 2026)
- 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)
- Governor Jerome H. Powell (sworn in June 16, 2014)
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 (effective January 13, 2026)
- 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 (effective December 22, 2025)
Consumer Financial Protection Bureau – Russel Vought (Acting Director effective February 10, 2025); Nominee Brian Johnson (nominated June 10, 2026)
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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