Daily Financial Regulation Update -- Wednesday, May 6, 2026

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Federal Agencies

Securities and Exchange Commission

SEC Proposes Amendments to Permit Optional Semiannual Reporting by Public Companies

May 5, 2026

The Securities and Exchange Commission (SEC) proposed rule and form amendments that would give public companies the option of filing semiannual reports in lieu of quarterly reports to meet their interim reporting obligations under the federal securities laws.

• Proposed Rule
• Fact Sheet
• Press Release
• Chair Atkins Statement
• Commissioner Peirce Statement
• Commissioner Uyeda Statement

 

Speech: ‘Fixing Failures to Communicate’

May 5, 2026

SEC Division of Trading and Markets Director Jamie Selway gave a speech titled “Fixing Failures to Communicate.”

• Speech

 

Bank Policy Institute

Banking Trades Release Statement on Crypto Market Structure Yield Language

May 5, 2026

The American Bankers Association, Bank Policy Institute, Consumer Bankers Association, Financial Services Forum and Independent Community Bankers of America issued a joint statement following the release of proposed language on stablecoin yield in the CLARITY Act.

• Statement

 

Federal Reserve Board

Speech: ‘A Coordinated Approach to Consumer Fraud Protection’

May 5, 2026

Federal Reserve Board Vice Chair for Supervision Michelle W. Bowman gave a speech titled “A Coordinated Approach to Consumer Fraud Protection” at the 2026 Women in Housing and Finance Symposium in Washington, D.C.

• Speech

 

Congress

U.S. Senate

Committee on Banking, Housing and Urban Affairs

Senators Introduce AI OVERWATCH Act

May 4, 2026

Sen. Jim Banks (R-IN) introduced the AI OVERWATCH Act, which prohibits the export of advanced AI chips to foreign adversaries. The legislation is cosponsored by Sens. Catherine Cortez Masto (D-NV), Tom Cotton (R-AR), Pete Ricketts (R-NE), Jeanne Shaheen (D-NH) and Elizabeth Warren (D-MA).

• Press Release
• Bill Text

 

U.S. House of Representatives

Committee on Small Business

Roundtable on Economic Opportunities of the FIFA World Cup 2026

May 4, 2026

Members of the House Committee on Small Business hosted a small business roundtable on the economic opportunities created by the upcoming FIFA World Cup 2026.

• Roundtable

 

International

Bank of England

Asset Purchase Facility Quarterly Report — Q1 2026

May 5, 2026

The Bank of England released the Asset Purchase Facility Quarterly Report for Q1 2026. Accompanying the report is an exchange of letters between Bank of England Gov. Andrew Bailey and Chancellor of the Exchequer Rachel Reeves.

• Report
• Governor Bailey Letter
• Chancellor Reeves Letter

 

Administration Changes

Vacancies

Appointments

U.S. Department of the Treasury – Scott Bessent (effective January 27, 2025)

Federal Reserve Board – Jerome H. Powell (effective May 23, 2022)

• 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 2026)
• Stephen Miran (sworn in September 16, 2025)

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 (Acting Chairman effective January 20, 2025, nominated to be Chair September 30, 2025 and Confirmed December 18, 2025)

• 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