PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Tuesday, October 6, 2026
October 06, 2026
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
Subscribe to PH FedACTion: Financial Regulatory Updates
Subscribe to the PHFintech: Crypto Policy Tracker
Major Developments
Federal Financial Institutions Examination Council
FinCEN Announces Withdrawals of Proposed Digital Asset Related Rules
October 5, 2026
The Financial Crimes Enforcement Network (FinCEN) withdrew proposed rules that would have imposed recordkeeping, verification and reporting requirements on financial institutions related to certain digital assets, specifically convertible virtual currencies. FinCEN also withdrew its proposal addressing convertible virtual currency mixing.
Federal Agencies
Federal Reserve Bank of New York
Report: ‘From Moore’s Law to Eroom’s Law: Power Constraints and the Productivity Slowdown’
October 5, 2026
The Federal Reserve Bank of New York published a staff report titled “From Moore’s Law to Eroom’s Law: Power Constraints and the Productivity Slowdown.”
Report: ‘Consumption, Savings and Earnings Responses to Financial Windfalls’
October 5, 2026
The Federal Reserve Bank of New York published a staff report titled “Consumption, Savings, and Earnings Responses to Financial Windfalls.”
Blog: ‘Insured, but Still on the Hook: Who Bears the Most Risk in Homeowner’s Insurance?’
October 5, 2026
The Federal Reserve Bank of New York published a Liberty Street Economics blog post titled “Insured, but Still on the Hook: Who Bears the Most Risk in Homeowner’s Insurance?”
Conference of State Bank Supervisors
Community Bank Optimism Slips as Economic Uncertainty Grows
October 5, 2026
Community banker outlook on future conditions remained positive despite dropping for the fourth consecutive quarter, according to the Q3 2026 results of the Community Bank Sentiment Index.
Federal Deposit Insurance Corporation
FDIC Releases Q2 2026 State Profiles
October 5, 2026
The Federal Deposit Insurance Corporation released the Q2 2026 State Profiles.
Consolidated Reports of Condition and Income for Q3 2026
October 5, 2026
The Federal Deposit Insurance Corporation released the Consolidated Reports of Condition and Income for Q3 2026.
Office of the Comptroller of the Currency
OCC Hails 2026 Update to US National Strategy for Financial Literacy
October 5, 2026
The Office of the Comptroller of the Currency hailed the 2026 update to the U.S. National Strategy for Financial Literacy, underscoring the agency’s commitment to helping Americans develop practical skills to make sound financial decisions, build greater financial security and pursue economic opportunity.
Securities and Exchange Commission
SEC Coordinates With Global Financial Regulators to Raise Fraud Awareness During World Investor Week
October 5, 2026
The Securities and Exchange Commission, in coordination with other U.S. and global financial regulators, issued a joint investor bulletin as part of World Investor Week (WIW).
Commodity Futures Trading Commission
CFTC Seeks Public Comment on Advanced Notice of Proposed Rulemaking Relating to Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets
October 5, 2026
The Commodity Futures Trading Commission published an advanced notice of proposed rulemaking to provide notice of, and seek public comment regarding, its intent to establish a comprehensive regulatory framework comprising fit-for-purpose rules concerning Section 2(c)(2)(D) of the Commodity Exchange Act and retail commodity transactions described thereunder involving crypto assets.
CFTC Issues No-Action Letter for DCMs Regarding Converting Existing Perpetual-Style Broad-Based Security Index Futures Into True Perpetual Futures
October 5, 2026
The Commodity Futures Trading Commission’s Division of Market Oversight announced it has issued no-action relief to designated contract markets seeking to convert their existing perpetual style broad-based security index futures contracts into true broad-based security index perpetual futures.
FINRA
New Research Finds Most Investors Lack Advanced Investment Knowledge, Increasing Their Exposure to Investment Risk
October 5, 2026
The FINRA Investor Education Foundation and Stanford Initiative for Financial Decision-Making released new research examining how the investment literacy of Americans, particularly risk-related knowledge, is tied to their decisions and financial outcomes.
International
European Commission
Commission Greenlights Finland’s Fifth Payment Request for €229.2 Million Under NextGenerationEU
October 4, 2026
The European Commission positively assessed Finland’s fifth payment request of €229.2 million under the Recovery and Resilience Facility.
Commission Unlocks €157 Million to Moldova for Reform Progress Under the Growth Plan
October 4, 2026
The European Commission disbursed an additional €157 million to Moldova, reaffirming the EU’s support for the country’s reform path.
Bank of England
UK International Reserves — September 2026
October 5, 2026
The Bank of England released the U.K. international reserves for September 2026.
UK Financial Conduct Authority
Speech: ‘Reforming UK Capital Markets to Ensure They Work Well for Our Economy’
October 5, 2026
Financial Conduct Authority Director of Infrastructure and Exchanges Jon Relleen gave a speech titled “Reforming UK capital markets to ensure they work well for our economy” at the Reform of the UK Public and Private Capital Markets Summit 2026.
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
Contributors
