PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Wednesday, June 3, 2026
June 03, 2026
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Federal Agencies
US Department of the Treasury
Treasury Targets Iran’s Largest Digital Asset Exchange for Terror Finance and Sanctions Evasion
June 2, 2026
The U.S. Department of the Treasury’s Office of Foreign Assets Control designated Nobitex, Iran’s largest digital asset exchange, along with three other Iranian digital asset exchanges as part of Economic Fury.
Federal Reserve Board
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency
Agencies Remove Additional References to Reputation Risk
June 2, 2026
The Federal Reserve Board, Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency jointly updated certain interagency documents to remove references to reputation risk.
Federal Reserve Board
Working Paper: ‘The Fragility of Perfectly Safe Digital Money’
June 2, 2026
The Federal Reserve Board published a working paper titled “The Fragility of Perfectly Safe Digital Money.”
Working Paper: ‘Double Inertia, Taylor Rules, and Monetary Policy Gradualism’
June 2, 2026
The Federal Reserve Board published a working paper titled “Double Inertia, Taylor Rules, and Monetary Policy Gradualism.”
Working Paper: ‘Paying More and Buying Less: 2025 Tariffs and U.S. Household Spending’
June 2, 2026
The Federal Reserve Board published a working paper titled “Paying More and Buying Less: 2025 Tariffs and U.S. Household Spending.”
European Banking Authority
Federal Reserve Bank of New York
EBA and the New York State Department of Financial Services Sign MOU to Foster Cooperation in the Supervision of International Stablecoin Activities
June 2, 2026
The European Banking Authority has signed a memorandum of understanding with the New York State Department of Financial Services under the Markets in Crypto-Assets regulation.
Federal Reserve Bank of New York
Blog: ‘Struggling Regional Small Businesses Deeply Pessimistic About 2026 Prospects’
June 2, 2026
The Federal Reserve Bank of New York published a Liberty Street Economics blog post titled “Struggling Regional Small Businesses Deeply Pessimistic About 2026 Prospects.”
Federal Reserve Bank of Boston
Working Paper: ‘How U.S. Bank Stock Prices Respond to Geopolitical Risk’
June 2, 2026
The Federal Reserve Bank of Boston published a Current Policy Perspectives working paper titled “How U.S. Bank Stock Prices Respond to Geopolitical Risk.”
Conference of State Bank Supervisors
Treasury’s Substantially Similar Principles for State Stablecoin Regimes Needs Recalibration
June 2, 2026
In a comment letter, the Conference of State Bank Supervisors urged the U.S. Treasury Department to amend its proposed principles for determining if state stablecoin regimes are substantially similar to the federal framework.
Federal Deposit Insurance Corporation
FDIC’s Office of Ombudsman Publishes 2025 Annual Report
June 2, 2026
The Federal Deposit Insurance Corporation’s Office of the Ombudsman published a report detailing its role and services available to the banking industry.
FDIC Office of Inspector General Semiannual Report to the Congress
June 2, 2026
The Office of the Inspector General of the Federal Deposit Insurance Corporation published its semiannual report to the Congress for Oct. 1, 2025 – March 31, 2026.
Securities and Exchange Commission
SEC Publishes Draft Strategic Plan for Public Comment
June 2, 2026
The Securities and Exchange Commission today published a Draft Strategic Plan that focuses on returning the agency to the core mission set by Congress more than 90 years ago: Protecting investors; maintaining fair, orderly and efficient markets; and facilitating capital formation.
International
European Banking Authority
The EBA Updates List of Other Systemically Important Institutions
June 2, 2026
The European Banking Authority updated the list of other systemically important institutions in the EU, based on notifications received from national authorities during 2025.
Bank of England
Money and Credit — April 2026
June 2, 2026
The Bank of England released the Money and Credit statistics and effective interest rates for April 2026.
Speech: ‘Here we go again? Assessing the inflation risks of the recent energy shock’
June 2, 2026
Monetary Policy Committee Member Megan Greene gave a speech titled “Here we go again? Assessing the inflation risks of the recent energy shock” at the University of Derby Business School.
Financial Conduct Authority
Open Banking Takes Next Step Forward With Launch of UK Payments Initiative Scheme
June 2, 2026
The Financial Conduct Authority issued a statement regarding the UK Payments Initiative’s announcement on open banking and commercial variable recurring payments.
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 – SCOTUS hearing on purported termination to be held in January 21, 2026)
- Stephen Miran (sworn in September 16, 2025)
- 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 (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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