PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday, September 24, 2026
September 24, 2026
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Federal Agencies
Federal Reserve Board
Speech: ‘A Long-Term View on the Costs of Shelter’
September 23, 2026
Federal Reserve Gov. Michael S. Barr gave a speech titled “A Long-Term View on the Costs of Shelter” at “Housing Affordability 2026: A Community Development Summit,” hosted by the Federal Reserve Bank of Chicago in Chicago.
Federal Reserve Bank of New York
Economic Policy Review: ‘How Do Banks Build Equity Capital?’
September 23, 2026
The Federal Reserve Bank of New York published an Economic Policy Review paper titled “How Do Banks Build Equity Capital?”
Securities and Exchange Commission
SEC Publishes Updated Market Statistics Showing Increase in IPOs and Proceeds Raised
September 23, 2026
The Securities and Exchange Commission’s Division of Economic and Risk Analysis (DERA) published updated statistics and data visualizations covering key segments of the U.S. capital markets, including a notable increase in the number of initial public offerings (IPOs) and follow-on registered offerings.
Speech: ‘Looking for Change in Haystacks: Remarks Before SIFMA’s Digital Assets Conference’
September 23, 2026
Securities and Exchange Commissioner Hester M. Peirce gave a speech titled “Looking for Change in Haystacks” at the 2026 SIFMA Digital Assets Conference in New York City.
National Credit Union Administration
NCUA Releases Q2 State-Level Credit Union Data
September 23, 2026
The National Credit Union Administration released its second quarter 2026 state-level credit union data report.
Bank Policy Institute
Blog: ‘How US Regulation of Foreign Banks Gets Lost in Translation’
September 23, 2026
The Bank Policy Institute published a blog post titled “How U.S. Regulation of Foreign Banks Gets Lost in Translation.”
Financial Services Trade Associations Urge FCC to Adopt Outcome-Based Robocall Scorecard
September 22, 2026
In a new comment letter, the American Bankers Association, American Financial Services Association, America’s Credit Unions, Bank Policy Institute, Consumer Bankers Association, Defense Credit Union Council, Electronic Transactions Association, Mortgage Bankers Association and Payments Leadership Council expressed strong support for the Federal Communications Commission’s proposed Robocall Mitigation Scorecard while recommending changes to ensure it provides consumers and businesses with meaningful information about voice service providers’ effectiveness in preventing illegally spoofed calls and texts.
BPI Statement on Senate Introduction of the TIER Act
September 22, 2026
The Bank Policy Institute issued a statement on the Senate introduction of the TIER Act, which would update the statutory tailoring thresholds set on a bipartisan basis in S. 2155 to reflect economic growth, with periodic adjustments thereafter, and require the federal banking agencies to similarly review and update the non-statutory thresholds periodically.
International
European Banking Authority
ESAs Call for Vigilance Over External Dependencies, Cyber Threats and Private Credit Risks
September 23, 2026
The European Supervisory Authorities (EBA, EIOPA and ESMA) have identified external dependencies, emerging technologies and private credit as key vulnerabilities for the EU financial system in their Autumn 2026 risk update.
Speech: ‘Building a Strong, Simple and Efficient Financial System for Europe’
September 23, 2026
European Banking Authority Chair Francois-Louis Michaud gave a speech titled “Building a strong, simple, and efficient financial system for Europe” at the KNF International Conference on Finance in Warsaw.
Bank of England
Speech: ‘No Bank Too Big to Fail and None Too Small to Resolve’
September 23, 2026
Bank of England Executive Director Ruth Smith gave a speech titled “No bank too big to fail, and none too small to resolve” at the Florence School of Banking & Finance Resolution Academy at the European University Institute.
UK Financial Conduct Authority
Firms Crack Down on Money Mules But Need to do More
September 23, 2026
A Financial Conduct Authority survey found firms have closed an increasing number of suspected mule accounts over the last three years: 238,396 suspected mules had their accounts closed in 2025, up from 184,935 in 2023 and 233,269 in 2024.
Speech: ‘Building the Next Generation of Market Infrastructure’
September 23, 2026
Financial Conduct Authority Chief Executive Nikhil Rathi gave a speech titled “Building the next generation of market infrastructure” at TheCityUK dinner sponsored by Nasdaq.
Administration Changes
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)
- Acting Director Mark Paoletta (Acting 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 – Mark Paoletta (Acting Director effective August 1, 2026); Nominee Brian Johnson (nominated June 10, 2026 – nomination hearing July 24, 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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