Daily Financial Regulation Update -- Wednesday, September 9, 2026

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Major Developments

Federal Reserve Board
Federal Deposit Insurance Corporation
Financial Crimes Enforcement Network
National Credit Union Administration
Office of the Comptroller of the Currency

FAQs Regarding Treatment of Verifiable Digital Credentials Under the Customer Identification Program Rule

September 8, 2026

The Financial Crimes Enforcement Network, Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, National Credit Union Administration and Office of the Comptroller of the Currency are issuing two new frequently asked questions (FAQs) that address the use of state-issued mobile driver’s licenses (mDLs) and other government-issued digital credentials, which may be used to verify the identities of natural person customers under the Customer Identification Program (CIP) rule. Additionally, FinCEN and the agencies are amending a previously issued FAQ to reflect updated terminology being used to describe verifiable digital credentials (VDCs).

• Frequently Asked Questions
• FDIC Financial Institution Letter
• OCC Bulletin
• FRB Supervision and Regulation Letter

 

Federal Agencies

US Department of the Treasury

Financial Crimes Enforcement Network

Treasury Sanctions Iranian Airlines

September 8, 2026

The Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned 36 targets for supporting Iran’s aviation sector, which the regime uses to move weapons, personnel and illicit cargo. In addition to OFAC’s action, Treasury’s Financial Crimes Enforcement Network (FinCEN) is issuing an alert asking financial institutions to report procurement networks supporting Iran’s aviation industry.

• Press Release
• Alert

 

Federal Reserve Bank of New York

Medium-Term Inflation Expectations Tick Down and Unemployment Expectations Deteriorate

September 8, 2026

The Federal Reserve Bank of New York’s Center for Microeconomic Data today released the August 2026 Survey of Consumer Expectations, which shows that households’ inflation expectations decreased slightly at the medium-term horizon and remained unchanged at the short- and longer-term horizons.

• Survey
• Press Release

 

Securities and Exchange Commission

Accommodations for Issuers of Asset-Backed Securities Submitting Draft Registration Statements

September 8, 2026

The Securities and Exchange Commission’s Division of Corporation Finance is expanding the accommodations available for issuers that submit draft registration statements for nonpublic review to issuers of asset-backed securities using Forms SF-1 and SF-3.

• Update

 

International

Bank of England

Release: ‘Mortgage Lenders and Administrators Statistics — Q2 2026’

September 8, 2026

The Bank of England released the Mortgage Lenders and Administrators Statistics for the second quarter of 2026.

• Statistics

 

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