PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday, December 5, 2025
December 05, 2025
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Congress
U.S. House of Representatives
Committee on Financial Services
Hearing: ‘Building Capacity: Reducing Government Roadblocks to Housing Supply’
December 3, 2025
The U.S. House Committee on Financial Services held a hearing titled “Building Capacity: Reducing Government Roadblocks to Housing Supply.”
Federal Agencies
Federal Reserve Board
Fed Requests Public Input on Potential Changes to Check Services
December 4, 2025
The Federal Reserve Board requested public input on the impact of potential strategic changes to check services provided by the Fed, as well as check usage and preferences.
Fed Announces 2026 Pricing for Payment Services to Banks and Credit Unions
December 4, 2025
The Federal Reserve Board announced pricing, effective Jan. 1, 2026, for payment services the Federal Reserve Banks provide to banks and credit unions, such as the clearing of checks, automated clearing house (ACH) transactions, instant payments and wholesale payment and settlement services.
Securities and Exchange Commission
SEC Holds Investor Advisory Committee Meeting
December 4, 2025
The U.S. Securities and Exchange Commission held an Investor Advisory Committee meeting on Dec. 4. Chair Paul S. Atkins and Commissioners Hester Peirce and Caroline Crenshaw gave remarks.
Commodity Futures Trading Commission
CFTC Announces First-Ever Listed Spot Crypto Trading on US Regulated Exchanges
December 4, 2025
The Commodity Futures Trading Commission (CFTC) announced that listed spot cryptocurrency products will begin trading for the first time in U.S. federally regulated markets on CFTC registered futures exchanges.
Financial Crimes Enforcement Network
FinCEN Issues Financial Trend Analysis on Ransomware
December 4, 2025
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a Financial Trend Analysis on ransomware incidents in Bank Secrecy Act (BSA) data between 2022 and 2024, which totaled more than $2.1 billion in ransomware payments.
FINRA
New FINRA Foundation Research Examines Shifting Investor Behaviors, Preferences and Attitudes
December 4, 2025
The FINRA Investor Education Foundation (FINRA Foundation) released new research titled “Investors in the United States: Results from the FINRA Foundation’s National Financial Capability Study,” which offers insights into the attitudes, behaviors, knowledge and experiences of retail investors in the United States.
International
European Commission
Commission Launches Major Package to Fully Integrate EU Financial Markets
December 3, 2025
The European Commission adopted a comprehensive package of measures designed to remove barriers and unlock the full potential of the EU single market for financial services.
European Banking Authority
EBA Releases Autumn 2025 Risk Assessment Report
December 4, 2025
The European Banking Authority released its Autumn 2025 Risk Assessment Report (RAR), confirming that EU/EEA banks remain strong in capital, liquidity, profitability and asset quality.
Bank of England
Bank of England Launches System-Wide Exploratory Scenario Exercise Focused on Private Markets
December 4, 2025
The Bank of England has launched its second system-wide exploratory scenario exercise.
Monthly Decision Maker Panel Data — November 2025
December 4, 2025
The Bank of England released the Decision Maker Panel survey data for November 2025.
Bank of England Prudential Regulation Authority
Consultation Paper: ‘UK Solvency II reporting and disclosure: Post-implementation amendments’
December 4, 2025
The Prudential Regulation Authority released a consultation paper titled “UK Solvency II reporting and disclosure: Post-implementation amendments.”
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)
- 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 – Caroline D. Pham (Acting Chairman effective January 20, 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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