PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Wednesday, July 8, 2026
July 08, 2026
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Federal Agencies
US Department of the Treasury
Treasury Calls for Large Position Reports
July 7, 2026
The Department of the Treasury is calling for Large Position Reports from those entities whose positions in the Treasury Floating Rate Note due January 2026 equaled or exceeded $8.4 billion as of Jan. 23, 2026 or Jan. 30, 2026. Entities with positions in this Treasury Floating Rate Note below $8.4 billion as of the reporting dates are not required to submit Large Position Reports.
Federal Reserve Board
Federal Reserve Board Requests Comment on a Proposal to Amend Its Requirements for Banks to Maintain Anti-Money Laundering Programs
The Federal Reserve Board is seeking comments on a proposal to amend its requirements for banks to maintain anti-money laundering programs.
Finance and Economics Discussion Series: ‘Capturing Heterogeneity: Machine Learning Approaches to Implied Volatility Forecasting’
July 2026
The Federal Reserve Board published a paper in the Finance and Economics Discussion Series titled “Capturing Heterogeneity: Machine Learning Approaches to Implied Volatility Forecasting.”
Vice Chair’s Speech: ‘Opening Remarks on Sound Practices for Artificial Intelligence’
July 7, 2026
Michelle W. Bowman, vice chair for supervision, delivered the opening remarks at the Financial Stability Board Virtual Outreach event.
Federal Reserve Bank of New York
Blog: ‘What Do Over 3,000 Bank Runs Teach Us About Banking Crises?’
July 7, 2026
The Federal Reserve Bank of New York published a Liberty Street Economics blog post titled “What Do Over 3,000 Bank Runs Teach Us About Banking Crises?”
Blog: ‘Using AI to Let History Speak About Bank Runs’
July 7, 2026
The Federal Reserve Bank of New York published a Liberty Street Economics blog post titled “Using AI to Let History Speak About Bank Runs.”
Federal Reserve Bank of Boston
Blog: ‘Why Do Countries Need a Central Bank?’
July 7, 2026
The Federal Reserve Bank of Boston published a blog titled “Why Do Countries Need a Central Bank?”
International
European Banking Authority
The EBA Publishes Final Guidelines on the Authorization of Third-Country Branches Under the Capital Requirements Directive
July 7, 2026
The European Banking Authority published its final guidelines on the authorization of third-country credit institutions to set up a third-country branch in a member state.
Bank of England Prudential Regulation Authority
Prudential Regulation Authority Statement on Enhancing the Usability and Releasability of Capital Buffers
July 7, 2026
The Prudential Regulation Authority published a statement on enhancing the usability and releasability of capital buffers.
Financial Conduct Authority
FCA Report: ‘Basic Bank Accounts: The Problems We Found and How Industry Is Committing to Change’
July 7, 2026
The Financial Conduct Authority published an article titled “Basic Bank Accounts: The problems we found and how industry is committing to change.”
FCA Release: ‘Banks Told to Improve Access to Basic Accounts’
July 7, 2026
The FCA published a press release titled “Banks told to improve access to basic accounts.”
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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