PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Wednesday, May 27, 2026
May 27, 2026
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Federal Agencies
Federal Reserve Board
Federal Deposit Insurance Corporation
Agencies Publish Resolution Plan Feedback Letters
May 22, 2026
The Federal Deposit Insurance Corporation and the Federal Reserve Board published feedback letters for several resolution plans submitted in July 2025.
Federal Reserve Board
Working Paper: ‘The Causal Effect of Debt on Interest Rates’
May 26, 2026
The Federal Reserve Board published a working paper titled “The Causal Effect of Debt on Interest Rates.”
Working Paper: ‘Bank Regulation and the Rise of Nonbank Intermediation’
May 26, 2026
The Federal Reserve Board published a working paper titled “Bank Regulation and the Rise of Nonbank Intermediation.”
Board Releases Minutes of April 2026 Discount Rate Meeting
May 26, 2026
The Federal Reserve Board released the minutes from its meetings held on April 20 and 29 to review and determine the discount rates provided to depository institutions through the discount window.
Federal Reserve Bank of New York
SCE Public Policy Survey — April 2026
May 26, 2026
The Federal Reserve Bank of New York released the results of the SCE Public Policy Survey for April 2026, which found consumers perceived an increased likelihood of some federal benefit expansions and a rise in expectations of an increase in the average income tax rate.
Blog: ‘Assessing the Current State of Wage Inflation’
May 26, 2026
The Federal Reserve Bank of New York published a Liberty Street Economics blog post titled “Assessing the Current State of Wage Inflation.”
Federal Housing Finance Agency
US House Prices Rise 1.7% Year Over Year, Up 0.5% Quarter Over Quarter
May 26, 2026
U.S. house prices rose 1.7% between Q1 2025 and Q1 2026, according to the U.S. Federal Housing House Price Index.
US Department of Labor
US Department of Labor, Office of Inspector General Demand Financial Institutions Freeze Funds Tied to Pandemic Unemployment Fraud
May 22, 2026
The U.S. Department of Labor and its Office of Inspector General announced they have jointly issued formal letters demanding that financial institutions immediately preserve funds held in prepaid debit card accounts linked to fraudulent unemployment insurance claims issued across many states during the COVID-19 pandemic.
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
Practice Areas
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